business continuity plan finance department

London, United Kingdom
Thursday 04 July 2024 / 00:24

The Role of Finance in Business Continuity

Francois Lacas, Deputy Chief Operating Officer at Yooz
15.10.2020 10:00 am

COVID-19 has shifted the role of the internal finance function.

From “work from home” mandates and furloughs to downsizing and outright business closures, every department found themselves forced into change. Finance departments have been particularly impacted due to the crucial role they play when it comes to businesses navigating through crises.

A business’ first challenge is to maintain continuity while working remotely; as time does not stop, financial obligations must be respected. More than ever during difficult times, businesses need to find a way to keep going.

Covid: the driving force behind digital transformation

COVID-19 has arguably been one of the biggest drivers of digital transformation, forcing a lot of people’s hand to look at solutions to overcome problems such as working from home, ensuring remote IT security or paying suppliers to keep production and sales going. The crisis acted as a wake-up call for all finance departments that had not yet started their digital transformation.

The finance departments’ second challenge has been managing cash pressures to ride out the crisis, which means streamlining processes to cut costs, save time, and gain visibility on inflows and outflows. To do so, implementing the right digital tools and technologies is no longer optional.

The crisis has also highlighted the strategic role of the CFO in guiding every crucial business decision. During this sensitive time, CEOs and management teams count more than ever on the analysis and advice of their finance departments. Digital transformation and automation are helping finance teams free up time from manual tedious tasks to focus on more value-added work such as data analysis that clarifies and facilitates decision making.

How has the responsibility of the finance department evolved?

As the pandemic hit, finance departments’ main priorities shifted to ensuring business continuity, carefully managing their increasingly tighter cash flow, while guiding their management team’s decision making.

Finance teams found themselves having to become more agile to make better, faster decisions while maintaining control over financial processes and minimise risk to the business.

In the context of an economic slowdown, finance departments also need to be especially efficient, optimising their tedious processes through automation, to save time and money. Digital transformation is helping finance departments achieve these goals.

For example, finance departments that implement cloud P2P Automation software have reduced their costs by up to 80% and cut processing cycle time to hours. AP Automation also helps businesses prevent risks such as late payments of invoices, erroneous or double payments, fraud attempts, or not being compliant.

Continuity, risk management and the foundations for growth and recovery

The continuity of the finance function is crucial to avoid cashflow problems and help support suppliers, clients and, ultimately, the economy.

It’s important to keep paying providers, big or small, as the knock-on effects for their own business and customers could be significant. Paying suppliers is a simple yet effective way to keep continuity of service as well as a way to keep people employed, motivated and prepared for after the crisis.

Simply put, there are two main ways to help with business continuity: by allowing suppliers to be paid, fast, as when everyone pays suppliers on time it will be easier to face the crisis for many others down the chain.

Secondly, because businesses have streamlined the financial processes, it makes everyone more productive while providing full visibility on key decision-making information.

What role do finance, and accounting technologies play in crisis management, continuity planning and performance observation?

The COVID-19 crisis is the first in modern economic history which has prevented employees to work even while business was alive and when new project investments were not frozen. Why? Because it stopped processes remaining mainly on physical exchanges – paper-based to be clear.

Conversely, the processes which are digitised continued to run because they allow their stakeholders to continue working remotely: issue an electronic order, receive an invoice by email, validate it via the web on their computers, their tablet or mobile, approve payment and settle it.

Indeed, technology-based processes allow businesses to switch to remote working mode overnight. We can argue that COVID-19 is the proof-of-concept for cloud technology, notably accounts payable automation and a wake-up call for any finance departments which did not have a business continuity plan including digital technologies.

Furthermore, we expect that companies that have been partially or strongly been impacted by the cash crisis will want to control and cut their internal costs even more. In the coming month, cutting costs and fighting invoice fraud will become critical, therefore using technology will be essential to achieve these goals.

A wise man once said, “Life isn't about waiting for the storm to pass; it's about learning how to dance under the rain.” This describes perfectly the current mindset of financial decision makers who have quickly realised, if they didn’t know it already, that digital transformation is not just essential, but inevitable.

Related Blogs

The Inspiration Behind Uncapped

2 years 11 months ago 09:00 am

The Digital Tipping Point in Financial Services

3 years 1 month ago 02:00 am

The Future of Work in Financial Technology

3 years 1 month ago 05:00 am

How Finance as a Service Is Shaping the Future of...

3 years 2 months ago 02:00 am

Post-Vaccine: Rethinking the Agile Working Strategy in...

3 years 2 months ago 07:00 am

Other Blogs

Embedded Banking is Simply the Next Step of Banking at...

13 hours 24 min ago 02:00 am

Utilising ERP-Supplemented Payments to Gain a...

14 hours 24 min ago 09:00 am

How Financial Services Organisations Should Deal with...

14 hours 24 min ago 06:00 am

SaaS Providers Risk Being Left Behind on Embedded...

1 week 2 days ago 03:00 am

Unlocking the Future: Traditional Banks' UK...

1 week 5 days ago 04:00 am

Why Speed Is Paramount in Payments: How Adyen...

1 week 5 days ago 06:00 am

Banking & Finance: Winning the Data Race in...

1 week 5 days ago 07:00 am

Banking's Data-Driven Makeover: Delivering...

2 weeks 1 day ago 07:00 am

A Legacy of Innovation: How Financial Institutions Can...

2 weeks 6 days ago 05:00 am

How Payments Can Support the Travel Industry

1 month 3 days ago 07:00 am

How to Determine the Right Payment Solutions for Your...

1 month 3 days ago 09:00 am

Navigating Cybersecurity Regulations Across Financial...

Latest issue.

FinTech List

Popular Tags

Create new account
Request new password

Download our new app

Get FinTech news headlines, videos, stories and product reviews on your mobile device. Download Financial IT App for Free

For the Public

FINRA Data provides non-commercial use of data, specifically the ability to save data views and create and manage a Bond Watchlist.

For Industry Professionals

Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks.

FINRA Gateway

For Member Firms

Firm compliance professionals can access filings and requests, run reports and submit support tickets.

For Case Participants

Arbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal.

Need Help? | Check Systems Status

Frequently Asked Questions
Interpretive Questions
Rule Filings
Rule Filing Status Report
Requests for Comments
Rulebook Consolidation
National Adjudicatory Council (NAC)
Office of Hearing Officers (OHO)
Disciplinary Actions Online
Monthly Disciplinary Actions
Sanction Guidelines
Individuals Barred by FINRA
Broker Dealers
Capital Acquisition Brokers
Funding Portals
Individuals
Securities Industry Essentials Exam (SIE)
Continuing Education (CE)
Classic CRD
Financial Professional Gateway (FinPro)
Financial Industry Networking Directory (FIND)
Conferences & Events
FINRA Institute at Georgetown
Financial Learning Experience (FLEX)
Small Firm Conference Call
Systems Status
Entitlement Program
Market Transparency Reporting Tools
Regulatory Filing Systems
Data Transfer Tools
Cybersecurity Checklist
Compliance Calendar
Weekly Update Email Archive
Peer-2-Peer Compliance Library
Investor Insights
Tools & Calculators
Credit Scores
Emergency Funds
Investing Basics
Investment Products
Investment Accounts
Working With an Investment Professional
Investor Alerts
Ask and Check
Avoid Fraud
Protect Your Identity
For the Military
File a Complaint
FINRA Securities Helpline for Seniors
Dispute Resolution
Avenues for Recovery of Losses

Business Continuity Planning (BCP)

Frequently asked questions related to regulatory relief due to the coronavirus pandemic.

MARCH 18, 2020 Due to the coronavirus pandemic (COVID-19) , FINRA is providing temporary relief for member firms from rules and requirements in the Frequently Asked Questions below. The relief provided does not extend beyond the identified rules and requirements. As coronavirus-related risks decrease, member firms should expect to return to meeting any regulatory obligations for which relief has been provided. When appropriate, FINRA will publish a Regulatory Notice announcing a termination date for the regulatory relief that will provide member firms with time to make necessary operational adjustments.

FINRA requires firms to create and maintain written business continuity plans (BCPs) relating to an emergency or significant business disruption. Rule 4370 —FINRA's emergency preparedness rule — spells out the required BCP procedures. A firm's BCP must be appropriate to the scale and scope of its business.

BCP procedures must be reasonably designed so the firm can meet its existing obligations to customers. A firm must disclose to its customers how its BCP addresses the possibility of a significant business disruption and how the firms plan to respond to events of varying scope. This BCP disclosure must be made in writing to customers when they open their account, posted on the firm's website if they maintain one and mailed to customers upon request. The BCP also must be made available promptly to FINRA staff if requested.

What to Include in a Business Continuity Plan

FINRA Rule 4370 gives a firm flexibility in designing a BCP. It may be tailored to the size and needs of the firm, but at a minimum it must include the following elements:

Data backup and recovery (hard copy and electronic);
All mission critical systems;
Financial and operational assessments;
Alternate communications between customers and the firm, and between the firm and employees;
Alternate physical location of employees;
Critical business constituent, bank, and counterparty impact;
Regulatory reporting;
Communications with regulators; and
How the firm will assure customers' prompt access to their funds and securities in the event that the firm determines that it is unable to continue its business.

A firm must address the elements to the extent applicable and necessary. If any of the elements is not applicable, the firm's BCP must document the rationale for not including the element in its plan. If a firm relies on another entity for any one of the elements or any mission critical system, the firm's BCP must address this relationship.

FINRA provides the following optional tools to assist firms in in fulfilling their need to create and maintain business continuity plans (BCPs) and emergency contact person lists under FINRA Rule 4370.

Small Firm Business Continuity Plan Template
Business Continuity Planning Case Study
2009 Pandemic Preparedness Survey Results

Communicating with FINRA

Firms must provide FINRA with emergency contact information. In addition, if a firm is unable to contact FINRA during a significant business disruption through its usual contact, such as the District Office or direct dial number, please call the FINRA Support Center at (301) 590-6500. This number will be rerouted in the event of a business disruption at FINRA's primary call center, so that the firm will be able to reach an operator or receive recorded instructions. This information also will be posted on www.finra.org.

In instances when data communications are disrupted, firms are responsible for retaining data until it can be transmitted to FINRA.

FINRA's Business Continuity Plan

FINRA's BCP specifies how we will respond to events that significantly disrupt our business and addresses safeguarding our employees and property; insuring data back up and recovery; restoring mission-critical systems as well as critical regulatory and operational activities; alternative communications with investors, member firms, associated persons, and other regulators; and assuring all of our constituents a prompt response to their needs. We plan to continue in business, transfer operations to alternate sites as needed, and maintain as much transparency to our constituents as possible during a disruption. FINRA's business continuity plan is updated and tested regularly, and it is provided to the SEC as part of its oversight of FINRA.

Contact OGC

FINRA's Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. Please see Interpreting the Rules for more information.

OGC staff contacts: Kosha Dalal and Jeanette Wingler FINRA, OGC 1700 K Street, NW Washington, DC 20006 (202) 728-8000

Regulatory Notice 21-44 Business Continuity Planning and Lessons From the COVID-19 Pandemic 12/23/2021
Regulatory Notice 21-29 FINRA Reminds Firms of their Supervisory Obligations Related to Outsourcing to Third-Party Vendors 08/13/2021
Regulatory Notice 20-42 FINRA Seeks Comment on Lessons From the COVID-19 Pandemic 12/16/2020
Information Notice – 3/26/20 Cybersecurity Alert: Measures to Consider as Firms Respond to the Coronavirus Pandemic (COVID-19) 03/26/2020
Regulatory Notice 20-08 Pandemic-Related Business Continuity Planning, Guidance and Regulatory Relief 03/09/2020
Regulatory Notice 19-06 FINRA Requests Comment on the Effectiveness and Efficiency of Its Rule on Business Continuity Plans and Emergency Contact Information 02/25/2019
Regulatory Notice 18-09 FINRA Updates Designation Criteria to Require Firms Reporting U.S. Treasury Securities to TRACE to Participate in FINRA's Business Continuity/Disaster Recovery Testing 03/07/2018
Regulatory Notice 17-27 Guidance to Members Affected by Hurricane Harvey 08/30/2017
Regulatory Notice 13-25 FINRA, the SEC and CFTC Issue Joint Advisory on Business Continuity Planning 08/16/2013
Regulatory Notice 12-53 FINRA Waives Certain Trade Reporting and Compliance Engine (TRACE) Late Trade Reporting Fees in Connection With Hurricane Sandy 12/03/2012
Regulatory Notice 12-45 Guidance to Members Affected by Hurricane Sandy 10/30/2012
Information Notice - 8/28/12 Guidance for Firms Potentially Affected by Hurricane Isaac 08/28/2012
Regulatory Notice 09-60 SEC Approval and Effective Dates for New Consolidated FINRA Rules 10/15/2009
Regulatory Notice 09-59 FINRA Provides Guidance on Pandemic Preparedness 10/12/2009
Regulatory Notice 07-49 Guidance for Firms Affected by the California Wildfires 10/25/2007
Notice to Members 06-74 Member Business Continuity Experiences regarding Hurricanes Katrina and Rita 12/29/2006
Notice to Members 06-31 NASD Requests Comment on Regulatory Relief that Should Be Granted in Response to a Possible Pandemic or Other Major Business Disruption 06/28/2006
Notice to Members 05-57 Guidance to Members Affected by Hurricane Katrina 09/02/2005
Notice to Members 04-37 SEC Approves Rules Requiring Members to Create Business Continuity Plans and Provide Emergency Contact Information 05/05/2004
Notice to Members 02-23 The NASD Seeks Comment On Proposed Rules Relating To Member Firm Business Continuity Plans And Emergency Contact Information 04/10/2002
Guidance Cybersecurity and Technology Management The Cybersecurity and Technology Management topic of the 2024 FINRA Annual Regulatory Oversight Report (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) regulatory obligations and related considerations, (2) findings and effective practices, and (3) additional resources. January 09, 2024
Media Center Preparing for the Unexpected: The Ins and Outs and the Value of Succession Planning Succession planning is important not just for customers and representatives but can even be a matter of life or death when it comes to the continued existence of a firm. On this episode, we hear how and why firms should plan for the expected and unexpected in life. January 24, 2023
Podcast Business in the Time of COVID-19: BCPs, Regulatory Relief & More The new coronavirus that causes COVID-19 has rapidly changed the way U.S. broker-dealers must conduct business as states implement various shelter-in-place and stay-at-home orders, forcing workers remote. On this episode, we talk to FINRA’s Chief Legal Officer and Head of Member Supervision to learn how FINRA is adapting its operations and providing important regulatory relief. March 31, 2020

Due to the coronavirus pandemic (COVID-19) , FINRA is providing temporary relief for member firms from rules and requirements in the Frequently Asked Questions below. The relief provided does not extend beyond the identified rules and requirements. FINRA will continue to monitor the situation to determine whether additional guidance and relief may be appropriate. As coronavirus-related risks decrease, member firms should expect to return to meeting any regulatory obligations for which relief has been provided.

Targeted Examination Letter Targeted Examination Letter on Business Continuity Plans In coordination with the SEC and the CFTC, we are conducting a review of the impact of Hurricane Sandy on firms’ operations and their ability to conduct business at a time when business continuity plans were enacted. November 01, 2012
Report / Study Pandemic Preparedness Survey Results In 2009 FINRA conducted a voluntary firm survey to determine preparedness for a pandemic in light of current events involving influenza A (H1N1). This survey continues FINRA's efforts to assist firms with business continuity planning by facilitating the exchange of information. October 26, 2009
FAQ Business Continuity Planning FAQ Frequently asked questions regarding Business Continuity Planning (BCP) and FINRA Rule 4370.
Compliance Tools Small Firm Business Continuity Plan Template FINRA is providing a template as an optional tool to assist small introducing firms in fulfilling their obligations under FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information).
FINRA Issues Alert Warning Investors of Stock Fraud Following Hurricane Harvey August 31, 2017
FINRA Announces Small Firm Emergency Partner Program October 11, 2007

Search Search Please fill out this field.
Business Continuity Plan Basics
Understanding BCPs
Benefits of BCPs
How to Create a BCP
BCP & Impact Analysis
BCP vs. Disaster Recovery Plan

Frequently Asked Questions

Business Continuity Plan FAQs

The Bottom Line

What is a business continuity plan (bcp), and how does it work.

Investopedia / Ryan Oakley

What Is a Business Continuity Plan (BCP)?

A business continuity plan (BCP) is a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.

Key Takeaways

Business continuity plans (BCPs) are prevention and recovery systems for potential threats, such as natural disasters or cyber-attacks.
BCP is designed to protect personnel and assets and make sure they can function quickly when disaster strikes.
BCPs should be tested to ensure there are no weaknesses, which can be identified and corrected.

Understanding Business Continuity Plans (BCPs)

BCP involves defining any and all risks that can affect the company's operations, making it an important part of the organization's risk management strategy. Risks may include natural disasters—fire, flood, or weather-related events—and cyber-attacks . Once the risks are identified, the plan should also include:

Determining how those risks will affect operations
Implementing safeguards and procedures to mitigate the risks
Testing procedures to ensure they work
Reviewing the process to make sure that it is up to date

BCPs are an important part of any business. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. It is generally conceived in advance and involves input from key stakeholders and personnel.

Business impact analysis, recovery, organization, and training are all steps corporations need to follow when creating a Business Continuity Plan.

Benefits of a Business Continuity Plan

Businesses are prone to a host of disasters that vary in degree from minor to catastrophic. Business continuity planning is typically meant to help a company continue operating in the event of major disasters such as fires. BCPs are different from a disaster recovery plan, which focuses on the recovery of a company's information technology system after a crisis.

Consider a finance company based in a major city. It may put a BCP in place by taking steps including backing up its computer and client files offsite. If something were to happen to the company's corporate office, its satellite offices would still have access to important information.

An important point to note is that BCP may not be as effective if a large portion of the population is affected, as in the case of a disease outbreak. Nonetheless, BCPs can improve risk management—preventing disruptions from spreading. They can also help mitigate downtime of networks or technology, saving the company money.

How To Create a Business Continuity Plan

There are several steps many companies must follow to develop a solid BCP. They include:

Business Impact Analysis : Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
Recovery : In this portion, the business must identify and implement steps to recover critical business functions.
Organization : A continuity team must be created. This team will devise a plan to manage the disruption.
Training : The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.

Companies may also find it useful to come up with a checklist that includes key details such as emergency contact information, a list of resources the continuity team may need, where backup data and other required information are housed or stored, and other important personnel.

Along with testing the continuity team, the company should also test the BCP itself. It should be tested several times to ensure it can be applied to many different risk scenarios . This will help identify any weaknesses in the plan which can then be corrected.

In order for a business continuity plan to be successful, all employees—even those who aren't on the continuity team—must be aware of the plan.

Business Continuity Impact Analysis

An important part of developing a BCP is a business continuity impact analysis. It identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.

FEMA provides an operational and financial impact worksheet to help run a business continuity analysis. The worksheet should be completed by business function and process managers who are well acquainted with the business. These worksheets will summarize the following:

The impacts—both financial and operational—that stem from the loss of individual business functions and process
Identifying when the loss of a function or process would result in the identified business impacts

Completing the analysis can help companies identify and prioritize the processes that have the most impact on the business's financial and operational functions. The point at which they must be recovered is generally known as the “recovery time objective.”

Business Continuity Plan vs. Disaster Recovery Plan

BCPs and disaster recovery plans are similar in nature, the latter focuses on technology and information technology (IT) infrastructure. BCPs are more encompassing—focusing on the entire organization, such as customer service and supply chain.

BCPs focus on reducing overall costs or losses, while disaster recovery plans look only at technology downtimes and related costs. Disaster recovery plans tend to involve only IT personnel—which create and manage the policy. However, BCPs tend to have more personnel trained on the potential processes.

Why Is Business Continuity Plan (BCP) Important?

Businesses are prone to a host of disasters that vary in degree from minor to catastrophic and business continuity plans (BCPs) are an important part of any business. BCP is typically meant to help a company continue operating in the event of threats and disruptions. This could result in a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition.

What Should a Business Continuity Plan (BCP) Include?

Business continuity plans involve identifying any and all risks that can affect the company's operations. The plan should also determine how those risks will affect operations and implement safeguards and procedures to mitigate the risks. There should also be testing procedures to ensure these safeguards and procedures work. Finally, there should be a review process to make sure that the plan is up to date.

What Is Business Continuity Impact Analysis?

An important part of developing a BCP is a business continuity impact analysis which identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.

FEMA provides an operational and financial impact worksheet to help run a business continuity analysis.

These worksheets summarize the impacts—both financial and operational—that stem from the loss of individual business functions and processes. They also identify when the loss of a function or process would result in the identified business impacts.

Business continuity plans (BCPs) are created to help speed up the recovery of an organization filling a threat or disaster. The plan puts in place mechanisms and functions to allow personnel and assets to minimize company downtime. BCPs cover all organizational risks should a disaster happen, such as flood or fire.

Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15 - 17.

Ready. “ IT Disaster Recovery Plan .”

Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15-17.

Terms of Service
Editorial Policy
Privacy Policy

What Is A Business Continuity Plan? [+ Template & Examples]

Published: December 30, 2022

When a business crisis occurs, the last thing you want to do is panic.

executives discussing business continuity plan

The second-to-last thing you want to do is be unprepared. Crises typically arise without warning. While you shouldn't start every day expecting the worst, you should be relatively prepared for anything to happen.

A business crisis can cost your company a lot of money and ruin your reputation if you don't have a business continuity plan in place. Customers aren't very forgiving, especially when a crisis is influenced by accidents within the company or other preventable mistakes. If you want your company to be able to maintain its business continuity in the face of a crisis, then you'll need to come up with this type of plan to uphold its essential functions.

In this post, we'll explain what a business continuity plan is, give examples of scenarios that would require a business continuity plan, and provide a template that you can use to create a well-rounded program for your business.

Table of Contents:

What is a business continuity plan?

Business Continuity Types
Business Continuity vs Disaster Recovery

Business Continuity Plan Template

How to write a business continuity plan.

Business Continuity Examples

A business continuity plan outlines directions and procedures that your company will follow when faced with a crisis. These plans include business procedures, names of assets and partners, human resource functions, and other helpful information that can help maintain your brand's relationships with relevant stakeholders. The goal of a business continuity plan is to handle anything from minor disruptions to full-blown threats.

For example, one crisis that your business may have to respond to is a severe snowstorm. Your team may be wondering, "If a snowstorm disrupted our supply chain, how would we resume business?" Planning contingencies ahead of time for situations like these can help your business stay afloat when you're faced with an unavoidable crisis.

When you think about business continuity in terms of the essential functions your business requires to operate, you can begin to mitigate and plan for specific risks within those functions.

Crisis Communication and Management Kit

Manage, plan for, and communicate during your corporate crises with these crisis management plan templates.

Free Crisis Management Plan Template
12 Crisis Communication Templates
Post-Crisis Performance Grading Template
Additional Crisis Best Management Practices

Download Free

All fields are required.

You're all set!

Click this link to access this resource at any time.

Business Continuity Planning

Business continuity planning is the process of creating a plan to address a crisis. When writing out a business continuity plan, it's important to consider the variety of crises that could potentially affect the company and prepare a resolution for each.

Don't forget to share this post!

How to Navigate Customer Service During a Business Closure

10 Crisis Communication Plan Examples (and How to Write Your Own)

I Tried 7 Crisis Management Software to See if They’re Worth It (Results & Recommendations)

20 Crisis Management Quotes Every PR Team Should Live By

Social Media Crisis Management: Your Complete Guide [Free Template]

De-Escalation Techniques: 19 Best Ways to De-Escalate [Top Tips + Data]

Situational Crisis Communication Theory and How It Helps a Business

What Southwest’s Travel Disruption Taught Us About Customer Service

Showcasing Your Crisis Management Skills on Your Resume

What Is Contingency Planning? [+ Examples]

Manage, plan for, and communicate during a corporate crisis.

Service Hub provides everything you need to delight and retain customers while supporting the success of your whole front office

More From Forbes

How and why to create a business continuity plan.

Share to Facebook
Share to Twitter
Share to Linkedin

Recently, a few companies have asked me to help them navigate this tumultuous time for entrepreneurs. Candidly, no one understands the challenges of keeping a company afloat but a business owner who has skin in the game. Of course, that's not to say that other people have zero input in keeping a business afloat. But entrepreneurs are typically the only ones who sweat every detail in the moment, such as in this current business environment. And what this has reinforced for me is how crucial business continuity planning is for any entrepreneur.

The Questions That Matter In Challenging Business Climates

I am unpacking the fact that there is a new normal evolving — every day — with other business owners. First, I'm not convinced that soon business will be like it was in prior months or even like the year before the novel coronavirus pandemic. Therefore, the messaging for marketing should be to reframe a company's strategy to focus on the mentality of survival, caring for the consumer and creating business resilience.

For business continuity planning, operational resilience is also essential. I'm focusing on it within my brands and even as I consult. Operational resilience boils down to location and team resilience. It means asking what and who on the team is essential. And how can a business owner keep teams productive, with continuous measurements in place? Financial resilience is critical for working through the dynamics of engaging suppliers, credit and cash reserves. In moments like these, entrepreneurs should understand their cash flow plan fully, the amount of fuel in the tank and when the business could run low on money.

Further, what I'm also focusing on is cost resilience, which is also critical in business continuity planning. It starts with the question: What can you prune down? Can you downsize to a smaller space? What external services should you review and adjust? Of course, payroll cuts are tough but often necessary to keep costs in line with the new normal. In other words, to keep a company afloat, everyone — including workers — has to make sacrifices.

Finally, revenue resilience comes from sharpening the focus on being customer-centric. Entrepreneurs need customers to be healthy and engaged. Now is the time to stay close to your clients. In the process, you should pay attention to risk reversal because closing the sale before the current climate was different than doing it in the ever-evolving new normal. That means strategic consultation-based sales are the key — without an ask.

What Is Business Continuity Planning?

Business continuity planning (BCP) is a must-do, especially at present. It is an opportunity to manage strategic resilience and understand how to become a mile deep and an inch wide — versus the opposite. Business continuity planning is a process whereby leaders develop systems to prevent and recover from threats that exist. In other words, this is risk management in the middle of a changing and fluid environment.

Business continuity planning includes having a plan for all threats, which can range from economic to cyber-security threats. None of us know what the future holds, but as business development leaders explained in a recent article , planning is vital and essential for any successful business. Trust me: Knowing that we're executing our BCP strategy eases the pressure, and that's what every entrepreneur needs to be doing now. If they don't have a BCP, they need to develop one as crises like the pandemic unfold.

Steps To Plan For Business Continuity

Once you complete it, you should evaluate your business continuity plan several times during the fiscal year of the company. As we know, the business environment shifts very fast in today's world, and it's vital to develop a plan, but also make sure it's not outdated — especially as it relates to finance, technology and sales, for example.

• Assessment Of Risk And Impact Analysis

During this initial phase, you want to understand all the exposure risks for your company. This means you have to think of every possible kind of risk for your business. By doing a business impact analysis (BIA), you can gain clarity about every potential threat to your business.

The BIA will provide you with critical information, such as who your stakeholders are, your supply chain gaps, and your levels of resilience. It will also inform you about the core team that you should keep in place in the face of potential catastrophe.

• Business Continuity Plan Development

Once the team that is working with you on the creation of the business continuity plan has the information from the BIA and any gap analyses, it's time to get started on the creation of the BCP. Initially, the team should create a draft document, and then they can present it to the senior executives who have to sign off on it.

The business continuity plan is essentially the answer to questions about how your business can continue with operations should there be any crisis or disaster. This plan should encompass every area of your business from the macro to the micro levels. Consideration and review should move through the entire company, including every division and into each department, role and function.

• Testing And Maintenance Of The BCP

As I mentioned earlier in this article, and as one CIO article explained , you should review and evaluate the business continuation plan regularly — and even more so now. For finance, operations, marketing and sales, my team and I continually work to understand what our minimum metrics must be for our businesses to continue.

I can't emphasize this enough — preparation is critical, and at moments like the present, planning is happening daily. Ultimately, it's all about coming out on top. Building relationships, having strategic discussions and developing clear messaging are key. It's also important to reframe and refocus your operations, marketing and sales strategy to fuel your revenue generation and cash flow during difficult times. For more information about business continuity planning, you can visit the Small Business Administration website or even SCORE's small business disaster preparedness resources .

Editorial Standards
Reprints & Permissions

Business Continuity Planning: Ensuring the Resilience of Your Organization

Let’s explore the intricacies of business continuity planning, from understanding its importance to implementing a robust strategy that safeguards your enterprise.

Published by Orgvue November 20, 2023

Home > Resources > article > Business Continuity Planning: Ensuring the Resilience of Your Organization

In an unpredictable world, the ability to sustain your business’s essential functions and operations, even in the face of disruptions, is paramount.

Business continuity planning is the framework that ensures your organization can weather storms, both literal and metaphorical.

What is Business Continuity Planning?

At its core, business continuity planning is the process of developing a proactive strategy to ensure an organization’s critical functions and operations can continue in the face of unforeseen disruptions.

It encompasses a range of activities, from risk assessment to the creation of detailed recovery plans, with the ultimate goal of minimizing downtime and ensuring the organization’s resilience.

The Importance of Business Continuity Planning

The importance of being prepared for various external and internal factors cannot be overstated. While many businesses have a standard business plan, not all of them consider the potential disruptions caused by natural calamities, economic downturns, or other unexpected events. Business continuity planning is the key to ensuring a company’s sustained operation, regardless of the challenges it may face.

Business continuity planning goes beyond the traditional business plan. While a business plan outlines goals and strategies for growth, a continuity plan focuses on how the organization will continue to function in the face of adversity. It involves identifying potential risks and developing strategies to mitigate and recover from them. Whether it’s a natural disaster, a cyberattack or an economic recession, having a well-thought-out strategic plan is essential for business survival.

One of the most significant threats to businesses is an economic downturn, such as a recession. During these challenging times, consumer spending often decreases, and businesses may face financial instability. A recession can have a ripple effect on companies of all sizes, causing decreased revenue, layoffs, and even closures.

For a detailed look at the impact of recessions on businesses, read how to prepare for a recession , which delves into strategies for navigating these challenging economic conditions.

Business strategy planning is not just about surviving during tough times; it’s also crucial for capitalizing on periods of growth. When businesses experience an upturn, they often need to scale rapidly to meet increased demand. Having a continuity plan in place allows for a smoother transition during periods of growth, ensuring that the infrastructure, resources and workforce can adapt effectively.

The financial consequences of not having a business continuity plan can be devastating. Without a plan in place, businesses are more vulnerable to unexpected disruptions, which can result in significant financial losses. These losses may come from increased downtime, lost revenue, legal liabilities, reputational damage and the costs associated with recovery efforts.

Considerations for Business Continuity Planning

Creating a robust business continuity plan is a complex task that involves a multitude of factors. Among these considerations, three key aspects stand out: cultural differences, limited resources and alignment with business objectives. A successful business strategy plan takes these factors into account to ensure that an organization can effectively respond to disruptions while maintaining its core values and strategic direction.

1. Cultural Differences

Cultural diversity is a significant consideration in business strategy planning, especially for multinational companies or organizations with a diverse workforce. Cultural differences can influence how employees perceive and respond to crises. When developing a business continuity plan, it is important to consider the following aspects:

Communication Styles : Different cultures have varying communication norms and hierarchies. Understanding how employees from various cultural backgrounds communicate during a crisis can help in crafting effective crisis communication strategies.
Decision-Making Processes : Some cultures prioritize consensus-driven decision-making, while others lean towards hierarchical authority. A business continuity plan should acknowledge these differences and provide flexibility in decision-making approaches during disruptions.
Crisis Response Expectations : Cultural expectations can shape how employees expect the organization to respond to a crisis. Your business strategy plan should be sensitive to these expectations and ensure that response strategies align with cultural norms.

2. Limited Resources

For many businesses, resource constraints are a reality. When developing a business continuity plan, it’s crucial to consider the organization’s resource limitations, such as budget, personnel and technology. Here are some key considerations:

Resource Allocation : Prioritize critical functions and allocate resources accordingly. Not all business processes are equally important, and a business continuity plan should identify and protect the most essential ones first.
Efficiency and Scalability : Develop strategies that focus on efficiency and scalability. Efficient resource use is critical, and a business strategy plan should outline how to adapt to changing resource constraints during a crisis.
Collaboration : Collaboration with external partners, such as suppliers, can be a resource-saving strategy. Establishing relationships with partners who can provide support during disruptions is a valuable aspect.

3. Business Objectives

A business continuity plan should align with the broader business objectives to ensure that it doesn’t hinder growth or innovation. Consider the following aspects:

Market Expansion: If the organization’s objective is to expand into new markets, the business strategy plan should accommodate this goal. It should address the challenges and opportunities that come with market expansion, including regulatory compliance and logistical considerations.
Relocation or Migration : If there are plans to relocate or migrate operations, the business continuity plan should include strategies for a seamless transition. This may involve considerations such as data migration, employee relocation and continuity of customer service.
Competitive Landscape : Changes in the competitive landscape, such as the emergence of new competitors, can impact the organization’s continuity. The business strategy plan should be flexible enough to adapt to shifts in the competitive environment.
The COVID-19 pandemic forced companies to adapt rapidly, with remote work becoming the norm for many, reshaping entire industries like healthcare and e-commerce.
The global recession of 2008 had long-lasting effects on financial institutions and prompted regulatory changes that influenced business operations.
The rise of the internet transformed countless businesses, from retail to media, and required adaptation to online platforms.
Looking ahead, emerging technologies like artificial intelligence have the potential to disrupt industries in unprecedented ways, with automation and data-driven decision-making reshaping the future of work. These events emphasize the critical importance of adaptable and comprehensive business continuity planning to navigate the unpredictable landscape of our ever-evolving world.

Developing a Strategic Business Plan

A well structured business plan serves as a roadmap for your organization, guiding actions and decisions while enabling effective response to a dynamic business environment.

Conduct a comprehensive assessment of the current state of the business.
Review financial statements, market positioning and operational performance.
Identify strengths, weaknesses, opportunities and threats.
Evaluate the company’s internal resources and capabilities.
Analyze micro-environment factors such as competitors, customers, suppliers and regulatory changes.
Examine macro-environment factors like economic trends, technological advancements and political factors.
Use tools like PESTEL analysis and Porter’s Five Forces to assess the external business environment.
Clearly define short-term and long-term business objectives.
Make objectives specific, measurable, achievable, relevant and time-bound (SMART).
Align objectives with the company’s mission and vision.
Identify key operational processes that drive business success.
Evaluate the efficiency and effectiveness of these processes.
Prioritize improvements in critical areas to align with strategic objectives.
Plan for potential risks and uncertainties that could impact the business.
Create contingency and crisis management strategies.
Establish a risk management framework to mitigate and respond to unforeseen events.
Implement key performance indicators (KPIs) to track progress.
Regularly review and revise the business plan based on changing market conditions.
Adapt to emerging opportunities and challenges.
Ensure that the strategic plan is communicated effectively throughout the organization.
Secure buy-in and commitment from employees at all levels.
Ensure that all team members understand their roles in achieving the plan’s objectives.
Allocate resources, including finances and manpower, in alignment with the strategic priorities.
Develop a budget that reflects the financial requirements of the plan.
Monitor spending and adjust budgets as needed.
Develop a timeline and action plan for the execution of the strategic initiatives.
Assign responsibilities to specific teams or individuals.
Regularly review progress and make adjustments to stay on track.
Periodically evaluate the effectiveness of the strategic plan.
Solicit feedback from employees, customers and stakeholders.
Use feedback to make continuous improvements and refine the plan.
Establish a system for measuring and reporting progress.
Create dashboards or reports to communicate key metrics to stakeholders.
Ensure that performance data aligns with the defined objectives.
Incorporate sustainability and responsible growth practices into the plan.
Address social and environmental impacts as part of corporate responsibility.
Seek opportunities for sustainable growth and innovation.
Develop scenarios that explore alternative future situations.
Consider various outcomes and their implications on the business.
Prepare for different scenarios to enhance adaptability.
Leverage technology for data analytics, automation, and efficiency.
Stay updated on emerging technologies that can support the strategic plan.
Integrate technology solutions to enhance business processes.

Implementing a Business Continuity Plan

Importance of Training and Awareness:

Awareness: Create awareness about the business continuity plan across the organization to foster a culture of preparedness. This includes educating employees on the potential risks and the importance of the plan.

Consistent Review of the Plan:

Conduct post-incident reviews to assess the BCP’s performance after a real event and make necessary adjustments.

Address Cultural and Technological Issues:

Technological Challenges: Recognize and mitigate technological hurdles that can hinder the plan’s execution, such as infrastructure limitations or cybersecurity threats. Ensure that IT systems are resilient and can support the plan.

Software Integration:

Organizational design software like Orgvue can assist in visualizing and optimizing the organizational structure, enabling efficient allocation of resources and responsibilities during a disruption.

Business continuity planning is not merely a precaution but a strategic imperative for any organization. It provides a structured approach to safeguarding business operations in the face of unforeseen disruptions, thereby minimizing downtime and potential financial losses.

By fostering a culture of preparedness, training employees, regularly reviewing and adapting the plan, addressing cultural and technological issues, and leveraging software solutions like Orgvue for organizational design, businesses can ensure their resilience and adaptability in an ever-changing landscape.

For businesses with specific 1-5 year plans, the integration of business strategy planning is paramount. It aligns seamlessly with forward-looking strategies by fortifying the organization’s ability to execute those plans in the face of unexpected events.

By weaving business continuity considerations into your strategic framework, you not only protect your investments but also demonstrate your commitment to long-term success, customer trust and stakeholder confidence. The benefits of such foresight extend far beyond mitigating risk; they empower your business to thrive in an increasingly unpredictable world. Therefore, it is recommended that businesses of all sizes prioritize and integrate business continuity planning as an integral part of their strategic vision and ongoing operations.

Business Continuity Plan FAQs

● where does business continuity planning belong in an organization.

Depending on the organization’s culture, the department your business continuity plan falls under varies. IT is usually one of the most vital components of any business strategy plan, in which case it could belong under the IT department. Or, if financial impacts are your organization’s main concern, the finance department may need to run the plan.

● Who Is Responsible For the Business Continuity Plan?

The business continuity plan usually falls under the responsibility of a dedicated role or department, often led by a Business Continuity Manager, who reports to senior leadership. This individual or team is responsible for creating, implementing, and regularly updating the plan to ensure the organization’s resilience in the face of disruptions.

● Is Business Continuity Planning a Legal Requirement?

It is not always a legal requirement, but certain industries and jurisdictions may have regulations or standards that mandate organizations to have such plans in place to ensure operational resilience and preparedness for emergencies.

● What Role Can Business Continuity Planning Play In Recovering From an Incident?

It plays a crucial role in helping organizations recover from incidents by providing a structured framework to assess, respond to and mitigate the impact of disruptions, minimizing downtime and financial losses. It outlines clear procedures and responsibilities, ensuring that essential operations can resume swiftly and efficiently, thus safeguarding the organization’s reputation and maintaining stakeholder trust.

● When Should a Business Continuity Plan Be Activated?

A business continuity plan should be activated as a preventative measure in the event a disruptive incident occurs. Triggers may include natural disasters, cyberattacks, supply chain disruptions or any event that threatens the continuity of critical business functions.

Accelerate workforce transformation

Use Orgvue to streamline your organization.

Business Continuity Planning (BCP)

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on February 29, 2024

Are You Retirement Ready?

Table of contents, what is business continuity planning (bcp).

Business Continuity Planning refers to the process of creating and implementing strategies and measures that ensure an organization can continue its essential operations and deliver critical services in the event of a disruptive incident.

BCP aims to minimize the impact of potential threats, such as natural disasters, cyberattacks, or operational failures, on the organization's ability to function.

The primary objective of BCP is to establish resilient systems and procedures that allow businesses to recover quickly and efficiently from any significant disruption.

This involves identifying potential risks, assessing their potential impact, and developing strategies to mitigate those risks.

BCP typically includes measures like creating backup systems, implementing data recovery processes, establishing alternate work locations, and developing communication plans.

By developing a robust BCP, organizations can ensure the safety of their employees, maintain customer trust and satisfaction, minimize financial losses, and comply with regulatory requirements.

It is an ongoing process that requires regular review, testing, and updates to adapt to changing circumstances and emerging threats.

Read Taylor's Story

Taylor Kovar, CFP®

CEO & Founder

(936) 899 - 5629

[email protected]

I'm Taylor Kovar, a Certified Financial Planner (CFP), specializing in helping business owners with strategic financial planning.

In the wake of a major flood, a small bakery I advised was on the brink of permanent closure. However, their forward-thinking BCP, which included a comprehensive insurance plan and a digital sales strategy, became their lifeline. Within weeks, they were selling online, keeping their community fed and spirits high. This strategy not only saved their business but doubled their reach. Don't wait for disaster to strike. Let's craft a robust Business Continuity Plan for your business today. Let's ensure your wealth fosters responsibility, not dependency.

Contact me at (936) 899 - 5629 or [email protected] to discuss how we can achieve your financial objectives.

WHY WE RECOMMEND:

Fee-Only Financial Advisor Show explanation

Certified financial planner™, 3x investopedia top 100 advisor, author of the 5 money personalities & keynote speaker.

IDEAL CLIENTS:

Business Owners, Executives & Medical Professionals

Strategic Planning, Alternative Investments, Stock Options & Wealth Preservation

Key Components of Business Continuity Planning

Business impact analysis (bia).

A Business Impact Analysis involves identifying critical business functions and processes, assessing the potential impact of disruptions, and estimating the maximum tolerable downtime for each process.

This helps organizations prioritize their resources and determine appropriate recovery strategies.

The BIA process often includes interviews with key personnel, surveys, and data analysis to gather information about the organization's business processes, dependencies, and potential consequences of disruptions.

This information forms the foundation for developing risk mitigation strategies and allocating resources to protect critical business functions.

Risk Assessment

Risk Assessment is the process of identifying potential threats and vulnerabilities, evaluating the likelihood and impact of risks, and prioritizing them for mitigation and response.

This information is crucial for developing effective recovery strategies and allocating resources efficiently.

A comprehensive risk assessment involves analyzing potential risks from various sources, such as natural disasters, human-made incidents, and technological failures.

By understanding these risks' likelihood and potential impact, organizations can make informed decisions about where to invest in prevention, response, and recovery measures.

Recovery Strategies

Recovery strategies are the plans and actions taken to restore business processes during a disruption. This includes developing strategies for business process recovery, implementing backup and redundancy measures, and establishing alternative operational sites if necessary.

Organizations can choose from various recovery strategies, such as redundancy, backup systems, alternative locations, and remote work arrangements.

The choice of recovery strategies depends on factors such as the organization's size, industry, regulatory requirements, and available resources.

Incident Response Plan

An Incident Response Plan outlines the procedures and responsibilities for managing a disruption. This includes establishing an incident management team, defining roles and responsibilities, and developing communication and notification procedures.

The Incident Response Plan should be detailed, outlining clear steps for responding to various types of incidents.

It is essential to include procedures for coordinating with external stakeholders, such as first responders, suppliers, and customers, and internal communication processes to keep employees informed and engaged during a disruption.

Training and Awareness

Regular BCP training and exercises are essential to ensure employees know BCP policies and procedures. This helps to incorporate BCP into the organization's culture, making it more resilient and adaptable in the face of disruptions.

Training and awareness programs may include workshops, simulations, and e-learning courses that cover topics such as emergency procedures, communication protocols, and the roles and responsibilities of employees during an incident.

By fostering a culture of preparedness, organizations can improve their ability to respond effectively to disruptions and maintain business continuity.

Key Components of Business Continuity Planning

Steps in Business Continuity Planning

Plan development.

Conducting BCP involves assigning responsibility for plan development and management, establishing a project timeline and milestones, and involving key stakeholders in the planning process.

A successful BCP development process requires collaboration across departments and functions, ensuring that all perspectives and concerns are considered.

Additionally, assigning a dedicated team or individual to oversee BCP development and implementation can help ensure that the plan remains on track and meets the organization's needs.

Plan Testing and Validation

This can be done through tabletop exercises and full-scale drills helps to evaluate its effectiveness and identify areas for improvement. Updating the plan based on test outcomes ensures that it remains relevant and functional.

Tabletop exercises are discussion-based simulations that allow participants to walk through various scenarios and evaluate the effectiveness of the BCP.

On the other hand, full-scale drills are live simulations that test the organization's ability to execute the BCP under realistic conditions. Both types of exercises provide valuable insights and help identify gaps or areas for improvement in the plan.

Plan Maintenance and Continuous Improvement

Regularly reviewing and updating the BCP, monitoring changes in the business environment, and integrating lessons learned from tests and real-world incidents contribute to continuous improvement and ensure that the plan remains effective.

To maintain an effective BCP, organizations should establish a schedule for regular plan reviews and updates, considering changes in business operations, technology, and regulatory requirements.

Additionally, after-action reviews following tests and real-world incidents can provide valuable insights for improving the plan and strengthening the organization's resilience.

Benefits of Business Continuity Planning

Minimized downtime and financial loss.

For businesses, downtime can have severe financial implications - from loss of revenue to additional costs related to recovery and rebuilding.

A well-conceived BCP outlines the strategies and measures necessary to keep critical functions running or to quickly resume them after a disruptive event.

It helps organizations maintain their cash flow, protect financial stability, and avoid the potential loss of market share to competitors .

Customer Trust and Reputation

Customers expect reliable and uninterrupted services and even a minor disruption can lead to dissatisfaction, damaging the company's reputation.

A robust BCP allows a company to maintain or quickly resume its services during a crisis, which is essential for customer retention and long-term loyalty.

This continued service reliability fosters trust among clients and maintains the company's reputation, which can be a critical differentiating factor in the marketplace.

Competitive Advantage

When disruptions occur, organizations with a comprehensive BCP in place can maintain operations and continue providing services, while competitors may struggle.

This readiness positions a company as reliable and resilient, which can attract new customers and strengthen relationships with existing ones.

Employee Confidence

An effective BCP demonstrates to employees that their organization is well-prepared for potential disruptions. This transparency can reduce panic and confusion, thereby increasing employee confidence and productivity in stressful situations.

It also signals the company's commitment to employee welfare and job security, which can contribute to increased job satisfaction and retention.

Regulatory Compliance

In many industries, such as finance, healthcare, and energy, regulatory bodies mandate business continuity planning to protect consumers and maintain industry stability.

A comprehensive BCP ensures that organizations meet these regulatory requirements, preventing potential penalties, sanctions, or legal actions.

It also demonstrates the organization's commitment to best practices, which can foster trust among clients and stakeholders .

Enhanced Decision-Making

A well-structured BCP includes clear protocols and procedures for various disruptive scenarios, reducing ambiguity and confusion.

This clarity allows the management team to quickly understand the situation, make informed decisions, and take appropriate actions without delay.

By enhancing response time and efficiency, a BCP minimizes the negative impacts of a crisis and hastens recovery.

Limitations of Business Continuity Planning

Cost and resource intensive.

Conducting thorough risk assessments and business impact analyses, creating the plan, ensuring its alignment with the organization's goals, and training employees can all be resource-intensive activities.

Regular testing, maintenance, and updating of the plan can also incur substantial costs over time. For small to medium enterprises (SMEs) with limited resources, these expenses can be significant and may impede the implementation of a comprehensive BCP.

This complexity stems from the need to deeply understand various business processes, operational dependencies, and potential risks. Ensuring that every department, function, or operation is adequately represented in the BCP can be challenging.

It also necessitates collaboration and coordination across different teams and levels of the organization, adding to the overall complexity.

Plan May Not Cover All Scenarios

While a well-constructed BCP is developed based on an extensive risk assessment, it's virtually impossible to predict and plan for all potential disruptions.

Organizations are susceptible to unforeseen disruptions due to the uncertain and ever-changing nature of risks. This is particularly evident in our interconnected world, where new threats can arise that were not originally considered during the planning stage.

Plan Execution Uncertainties

Even with a robust BCP in place, uncertainties during its execution in a real-world crisis can pose challenges.

Despite training and preparation, human error, stress-induced mistakes, miscommunication, or unforeseen complications can impede the successful execution of the plan.

These uncertainties underline the need for regular testing and revision of the plan and its procedures.

False Sense of Security

This is a potential psychological drawback of having a BCP. There's a risk that the existence of the plan could lead to complacency, with individuals assuming they are entirely protected from disruptions.

This mindset can reduce alertness to new threats and hamper the organization's agility and responsiveness.

Benefits and Limitations of Business Continuity Planning

Best Practices for Business Continuity Planning

Management support.

Management must recognize the value of BCP and commit to its implementation, ensuring that the necessary resources, both human and financial, are dedicated to the planning process.

Moreover, the involvement of the senior leadership team demonstrates the importance of the plan to the entire organization, reinforcing commitment across all levels.

Total Involvement

BCP should encompass all departments and functions within the organization. Representatives from every department, including operations, HR, finance, and IT, should be involved in the planning process.

This comprehensive approach ensures that the plan covers all critical functions and that recovery strategies are aligned across the entire business.

Effective Communication

A comprehensive communication strategy should be in place, detailing how and when information will be communicated to employees, customers, suppliers, stakeholders, and potentially the media.

Clear, timely, and accurate communication can help to minimize confusion and misinformation and maintain trust during a disruption.

Third-Party Considerations

The continuity planning of your suppliers, service providers, and partners can have a significant impact on your organization. Therefore, part of your BCP should involve understanding and evaluating the resilience of key third parties.

This will help to ensure that their potential weaknesses or failures do not disrupt your operations.

Documentation

This includes records of risk assessments and BIAs, continuity strategies, training materials, and records of updates and changes to the plan. Comprehensive documentation serves as a valuable reference guide during a crisis and aids in the training, testing, and revision of the plan.

Best Practices for Business Continuity Planning

Final Thoughts

Business Continuity Planning is a critical process that organizations must undertake to ensure the continuity of their operations and the delivery of vital services during disruptive incidents.

By implementing strategies and measures to minimize potential threats, organizations can recover quickly and efficiently from significant disruptions.

BCP encompasses components such as business impact analysis, risk assessment, recovery strategies, incident response planning, and training programs.

It offers numerous benefits, including minimizing downtime and financial losses, maintaining customer trust and reputation, gaining a competitive advantage, boosting employee confidence, ensuring regulatory compliance, and enhancing decision-making.

Despite potential drawbacks such as costs and complexities, organizations can overcome them through management support, total involvement from all departments, effective communication strategies, considerations for third-party resilience, and comprehensive documentation.

By prioritizing BCP and incorporating it into their organizational culture, businesses can effectively respond to crises, protect their reputation, and thrive in a dynamic business environment.

Business Continuity Planning (BCP) FAQs

What is business continuity planning (bcp).

Business Continuity Planning is an organization's proactive process to identify potential threats and impacts to its operations. It provides a framework for building resilience and the capacity for an effective response that safeguards the interests of key stakeholders, reputation, brand, and value-creating activities.

Why is Business Continuity Planning (BCP) important?

BCP is crucial because it enhances an organization's ability to continue operations during or after a disruption or disaster. It minimizes downtime, reduces the scope of disruption, and provides a planned recovery path, thus protecting the organization from significant financial loss and reputational damage.

What are the key components of Business Continuity Planning (BCP)?

Key components of BCP include Business Impact Analysis (identifying critical functions and their dependencies), Recovery Strategies (defining how to recover critical functions), Plan Development (writing the plan), and Testing and Exercises (evaluating the plan's effectiveness and making necessary adjustments).

How often should a Business Continuity Plan (BCP) be updated?

A BCP should be reviewed and updated regularly to ensure its effectiveness. The frequency can depend on the organization's operations, technology, personnel, or physical location changes. However, as a best practice, reviewing and updating the BCP at least annually or whenever significant changes occur is recommended.

Who is responsible for Business Continuity Planning (BCP) in an organization?

While the responsibility can vary depending on the size and structure of the organization, typically, a designated Business Continuity Manager or a team is responsible for BCP. However, it's important to note that successful business continuity planning requires support and involvement from top management and participation across all levels of the organization.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

Ask a Financial Professional Any Question

Meet top certified financial advisors near you, our recommended advisors.

Claudia Valladares

Bilingual in english / spanish, founder of wisedollarmom.com, quoted in gobanking rates, yahoo finance & forbes.

Retirees, Immigrants & Sudden Wealth / Inheritance

Retirement Planning, Personal finance, Goals-based Planning & Community Impact

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.

Fact Checked

At Finance Strategists, we partner with financial experts to ensure the accuracy of our financial content.

Our team of reviewers are established professionals with decades of experience in areas of personal finance and hold many advanced degrees and certifications.

They regularly contribute to top tier financial publications, such as The Wall Street Journal, U.S. News & World Report, Reuters, Morning Star, Yahoo Finance, Bloomberg, Marketwatch, Investopedia, TheStreet.com, Motley Fool, CNBC, and many others.

This team of experts helps Finance Strategists maintain the highest level of accuracy and professionalism possible.

Why You Can Trust Finance Strategists

Finance Strategists is a leading financial education organization that connects people with financial professionals, priding itself on providing accurate and reliable financial information to millions of readers each year.

We follow strict ethical journalism practices, which includes presenting unbiased information and citing reliable, attributed resources.

Our goal is to deliver the most understandable and comprehensive explanations of financial topics using simple writing complemented by helpful graphics and animation videos.

Our writing and editorial staff are a team of experts holding advanced financial designations and have written for most major financial media publications. Our work has been directly cited by organizations including Entrepreneur, Business Insider, Investopedia, Forbes, CNBC, and many others.

Our mission is to empower readers with the most factual and reliable financial information possible to help them make informed decisions for their individual needs.

How It Works

Step 1 of 3, ask any financial question.

Ask a question about your financial situation providing as much detail as possible. Your information is kept secure and not shared unless you specify.

Step 2 of 3

Our team will connect you with a vetted, trusted professional.

Someone on our team will connect you with a financial professional in our network holding the correct designation and expertise.

Step 3 of 3

Get your questions answered and book a free call if necessary.

A financial professional will offer guidance based on the information provided and offer a no-obligation call to better understand your situation.

Where Should We Send Your Answer?

Just a Few More Details

We need just a bit more info from you to direct your question to the right person.

Tell Us More About Yourself

Is there any other context you can provide.

Pro tip: Professionals are more likely to answer questions when background and context is given. The more details you provide, the faster and more thorough reply you'll receive.

What is your age?

Are you married, do you own your home.

Owned outright
Owned with a mortgage

Do you have any children under 18?

Yes, 3 or more

What is the approximate value of your cash savings and other investments?

$50k - $250k
$250k - $1m

Pro tip: A portfolio often becomes more complicated when it has more investable assets. Please answer this question to help us connect you with the right professional.

Would you prefer to work with a financial professional remotely or in-person?

I would prefer remote (video call, etc.)
I would prefer in-person
I don't mind, either are fine

What's your zip code?

I'm not in the U.S.

Submit to get your question answered.

A financial professional will be in touch to help you shortly.

Part 1: Tell Us More About Yourself

Do you own a business, which activity is most important to you during retirement.

Giving back / charity
Spending time with family and friends
Pursuing hobbies

Part 2: Your Current Nest Egg

Part 3: confidence going into retirement, how comfortable are you with investing.

Very comfortable
Somewhat comfortable
Not comfortable at all

How confident are you in your long term financial plan?

Very confident
Somewhat confident
Not confident / I don't have a plan

What is your risk tolerance?

How much are you saving for retirement each month.

None currently
Minimal: $50 - $200
Steady Saver: $200 - $500
Serious Planner: $500 - $1,000
Aggressive Saver: $1,000+

How much will you need each month during retirement?

Bare Necessities: $1,500 - $2,500
Moderate Comfort: $2,500 - $3,500
Comfortable Lifestyle: $3,500 - $5,500
Affluent Living: $5,500 - $8,000
Luxury Lifestyle: $8,000+

Part 4: Getting Your Retirement Ready

What is your current financial priority.

Getting out of debt
Growing my wealth
Protecting my wealth

Do you already work with a financial advisor?

Which of these is most important for your financial advisor to have.

Tax planning expertise
Investment management expertise
Estate planning expertise
None of the above

Where should we send your answer?

Submit to get your retirement-readiness report., get in touch with, great the financial professional will get back to you soon., where should we send the downloadable file, great hit “submit” and an advisor will send you the guide shortly., create a free account and ask any financial question, learn at your own pace with our free courses.

Take self-paced courses to master the fundamentals of finance and connect with like-minded individuals.

Get Started

To ensure one vote per person, please include the following info, great thank you for voting., get in touch, submit your info below and someone will get back to you shortly..

Sign up for free
SafetyCulture
Business Continuity Plan

Writing an Effective Business Continuity Plan

Power through business disruptions and ascertain operational stability with a practical and effective Business Continuity Plan (BCP).

planificación de la continuidad de la actividad con una herramienta digital

What is a Business Continuity Plan?

A business continuity plan is a practical guide developed by companies to enable continuous operations in the event of major business disruptions like natural disasters and global lockdowns. Business continuity planning usually involves analyzing the impact of disrupted business processes and determining recovery strategies with management. Business continuity plans should be properly documented and tested through exercises for optimal effectiveness.

The goal of a business continuity plan is to strengthen the defense of businesses against various potential disruptions. It also aims to maintain critical business functions during unforeseen disasters.

Business continuity has increasingly become a top priority for organizations around the world. A BCP is important because it helps companies maintain essential functions amid or after emergencies, protecting their reputation and minimizing financial losses. Moreover, it helps employers stay on top of disruptive incidents and empower workers to complete job tasks confidently.

What are the 7 Elements of a Business Continuity Plan?

Business continuity planning enables businesses, small or large, to ensure resilient operations. For an effective plan, the following elements should be included:

BCP Team – Amid a disaster or emergency, having a team or point person to go to will be essential. The BCP team will be responsible for planning and testing business continuity strategies. The background of each member of the BCP team can vary from organization managers or supervisors to specialists.
Business Impact Analysis (BIA) – A BIA identifies, quantifies, and qualifies the impact of a loss, interruption, or disruption. Having a BIA will be essential in discovering risks that your business is exposed to and the potential disruptions that may occur.
Risk Mitigation – This element pertains to the strategies against the risks that were discovered during the BIA. Risk mitigation strategies may include putting up security and safety systems in the workplace, conducting preventive maintenance of vehicles , machines, equipment, or any asset vital to operations, and training employees , among others.
Business Continuity Strategies – A good BCP should establish strategies or alternate practices to keep the business running despite disruptions or disasters.
Business Continuity Plan – The business continuity plan is a combination of findings from the performed BIA and the recovery strategies established by the organization. A BCP typically includes 4 key components: scope and objectives, operations at risk, recovery strategy, and roles and responsibilities.
Training – All relevant personnel associated with the business continuity, disaster recovery, and incident response process should be trained according to the BCP plan that’s established and agreed upon.
Testing – In this phase, strategies and plans are rehearsed or exercised to demonstrate their effectiveness. Testing the plan before rolling it out will enable the BCP team to discover potential flaws and fix them before they lead to damage or injury. It’s recommended to review and test the plan periodically to ensure that all protocols and strategies are up-to-date.

Achieve operational excellence

Cultivate a culture of excellence with our digital solutions that enhance efficiency, agility, and continuous improvement across all operations.

How to Write a BCP

Creating a business continuity plan seems to be a daunting task at first, especially for managers of operations, information technology, and human resources as they are often designated with this duty. As recommended by the International Labour Organization (ILO), listed below are general steps in developing a business continuity plan for small to medium-sized enterprises (SMEs):

Step 1: Determine the risk profile through a self-assessment using the 4Ps framework—People, Processes, Profits, and Partnerships.
Step 2: Identify key products, services, or functions.
Step 3: Establish the business continuity plan objectives.
Step 4: Evaluate the potential impact of disruptions to the business and its workers.
Step 5: List actions to protect the business.
Step 6: Organize contact lists.
Step 7: Maintain, review, and continuously update the BCP.

Create your own Business Continuity Plan checklist

Build from scratch or choose from our collection of free, ready-to-download, and customizable templates.

Business Continuity Plan | View Sample PDF

When planning for business continuity, it helps to break down its elements into quickly-understood segments. Keeping the plan user-focused can also help ensure usability and promote transferability. The following is a brief business continuity plan example:

Scope and Objectives:

This BCP is to ensure the continuity of IT services and customer lines in the event of an unforeseen and prolonged power shutdown. Power disruption could be caused by emergency weather conditions or a building fire. Functional areas that are prioritized for recovery in this BCP include the customer support desk and finance team.

Operations at Risk:

Operation: Customer Support Operation Description: Customer support team looking after 24-hour global operations of live chat and customer calls for US, EMEA and APAC regions Business Impact: Critical Impact description: 100% of live chats go through the customer support team in Manila. 20% of live calls are routed to Manila office. A disruption would mean no more live chat support and customers experiencing significant wait times on calls Project timeline and team schedules

Recovery Strategy:

IT personnel and BCP committees should operate alternate backup programs and servers to help save customer requests after power outage. Customer support should be able to receive the requests and respond to customers within 30 minutes. IT Director should operate alternate server rooms in Area B if the power outage last more than an hour to prevent huge revenue loss.

Roles and Responsibilities:

Representative: Jon Sims Role: Head of Operations Contact Details: [email protected] Description of Responsibilities: 1. Must ensure BCPs are updated and must coordinate with team leaders regarding changes 2. Helps notify key stakeholders in EMEA region of threats in Customer Support programs and tools

Create and Implement Effective BCPs with SafetyCulture

Why use safetyculture.

Even when disruptions can force businesses to shut down, yours doesn’t have to. Aim for operational stability by developing and implementing a business continuity plan with the help of a simple tool like SafetyCulture. SafetyCulture is a digital platform that empowers people to work safely and efficiently through mobile checklists, actions, and reporting.

Optimize your organization’s operations and workflow with SafetyCulture. Our digital platform enables you to:

Simplify processes by automating manual and repetitive tasks
Maintain safety, quality, and compliance standards with digital BCP checklists
Create powerful workflows by integrating your existing systems and software
Gain greater visibility and transparency with real-time reporting

Take advantage of our comprehensive features to transform your organization’s capabilities towards operations excellence.

FAQs About Business Continuity Plans

What’s the difference between business continuity plan vs. disaster recovery plan.

The main difference between a business continuity plan and a disaster recovery plan is that the former encompasses the latter—that is, business continuity planning includes disaster recovery planning. ISO 22301:2019 is the international standard for Business Continuity Management (BCM) systems , and it outlines how specific plans for disaster recovery, incident preparedness, and emergency response may be needed rather than just one large plan for business continuity.

How often should business continuity plans be tested?

A business continuity plan should be tested at least every 6 months to verify the BCP’s effectiveness. Frequent testing can also allow the discovery of gaps and potential issues. This will help the organization update protocols and strategies accordingly.

What role does technology play in a BCP?

Technology helps ensure a BCP’s critical data is backed up and can be quickly restored, maintaining reliable communication platforms for ongoing contact during disruptions, and enabling remote work capabilities to keep operations running smoothly. Automated monitoring tools help detect and respond to threats in real-time, enhancing overall resilience. Additionally, cloud services provide accessibility to applications and data from any location, ensuring business continuity.

What are some common mistakes to avoid when creating a BCP?

Common mistakes to avoid when creating a BCP include neglecting to involve all relevant departments and stakeholders, failing to regularly update and test the plan, and not considering a wide range of potential risks. Additionally, overlooking the importance of clear communication and training for employees can lead to confusion and inefficiency during a disruption. Ensuring comprehensive coverage, regular maintenance, and thorough training can help avoid these pitfalls.

Jona Tarlengco

two product managers preparing products for product launch

Product Launch

Discover the strategies for product launch flawlessly and some best practices to overcome the most common challenges.

Find out more

an upper management team discussing project prioritization plans with the help of impact effort matrix on their devices

Impact Effort Matrix

Learn how to use this visual tool to boost productivity by focusing on high-impact, low-effort activities.

demand management strategy planning team conducting a meeting

Demand Management Strategy

Learn why you must create a demand management strategy for your organization and how it can help you achieve better business results.

Workforce Optimization Software
Care Management Software
Visitor Management Software
Digital Process Automation Software
Process Control Software
Digital Procurement Transformation
Innovation Management
Change Impact Assessment Template
Environmental Aspects and Impacts Register
5 Whys Template
Agile Transformation Checklist
CSR Audit Checklist

We use essential cookies to make Venngage work. By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

Manage Cookies

Cookies and similar technologies collect certain information about how you’re using our website. Some of them are essential, and without them you wouldn’t be able to use Venngage. But others are optional, and you get to choose whether we use them or not.

Strictly Necessary Cookies

These cookies are always on, as they’re essential for making Venngage work, and making it safe. Without these cookies, services you’ve asked for can’t be provided.

Show cookie providers

Google Login

Functionality Cookies

These cookies help us provide enhanced functionality and personalisation, and remember your settings. They may be set by us or by third party providers.

Performance Cookies

These cookies help us analyze how many people are using Venngage, where they come from and how they're using it. If you opt out of these cookies, we can’t get feedback to make Venngage better for you and all our users.

Google Analytics

Targeting Cookies

These cookies are set by our advertising partners to track your activity and show you relevant Venngage ads on other sites as you browse the internet.

Google Tag Manager
Infographics
Daily Infographics
Popular Templates
Accessibility
Graphic Design
Graphs and Charts
Data Visualization
Human Resources
Beginner Guides

Blog Business 7 Business Continuity Plan Examples

7 Business Continuity Plan Examples

Written by: Danesh Ramuthi Nov 28, 2023

A business continuity plan (BCP) is a strategic framework that prepares businesses to maintain or swiftly resume their critical functions in the face of disruptions, whether they stem from natural disasters, technological failures, human error, or other unforeseen events.

In today’s fast-paced world, businesses face an array of potential disruptions ranging from cyberattacks and ransomware to severe weather events and global pandemics. By having a well-crafted BCP, businesses can mitigate these risks, ensuring the safety and continuity of their critical services and operations. To further safeguard their operations, integrating measures to protect against ransomware into their BCP is a natural and essential step.

Responsibility for business continuity planning typically lies with top management and dedicated planning teams within an organization. It is a cross-functional effort that involves input and coordination across various departments, ensuring that all aspects of the business are considered.

For businesses looking to develop or refine their business continuity strategies, there are numerous resources available. Tools like Venngage’s business plan maker and their business continuity plan templates offer practical assistance, streamlining the process of creating a robust and effective BCP.

Click to jump ahead:

7 business continuity plan examples

Business continuity types, how to write a business continuity plan, how often should a business continuity plan be reviewed, business continuity plan vs. disaster recovery plan, final thoughts.

In business, unpredictability is the only certainty. This is where business continuity plans (BCPs) come into play. These plans are not just documents; they are a testament to a company’s preparedness and commitment to sustained operations under adverse conditions. To illustrate the practicality and necessity of these plans, let’s delve into some compelling examples.

Business continuity plan example for small business

Imagine a small business specializing in digital marketing services, with a significant portion of its operations reliant on continuous internet connectivity and digital communication tools. This business, although small, caters to a global clientele, making its online presence and prompt service delivery crucial.

Business Consultant Continuity Plan Template

Scope and objective:

This Business Continuity Plan (BCP) is designed to ensure the continuity of digital marketing services and client communications in the event of an unforeseen and prolonged internet outage. Such an outage could be caused by a variety of factors, including cyberattacks, technical failures or service provider issues. The plan aims to minimize disruption to these critical services, ensuring that client projects are delivered on time and communication lines remain open and effective.

Operations at risk:

Operation: Digital Marketing Services Operation Description: A team dedicated to creating and managing digital marketing campaigns for clients across various time zones. Business Impact: High Impact Description: The team manages all client communications, campaign designs, and real-time online marketing strategies. An internet outage would halt all ongoing campaigns and client communications, leading to potential loss of business and client trust.

Recovery strategy:

The BCP should include immediate measures like switching to a backup internet service provider or using mobile data as a temporary solution. The IT team should be prepared to deploy these alternatives swiftly.

Immediate measures within the BCP should encompass alternatives like switching to a backup internet service provider or utilizing mobile data, supplemented by tools such as backup and recovery systems, cloud-based disaster recovery solutions, and residential proxies , while the IT team should be prepared to deploy these swiftly.

Additionally, the company should have a protocol for informing clients about the situation via alternative communication channels like mobile phones.

Roles and responsibilities:

Representative: Alex Martinez Role: IT Manager Description of Responsibilities:

Oversee the implementation of the backup internet connectivity plan.
Coordinate with the digital marketing team to ensure minimal disruption in campaign management.
Communicate with the service provider for updates and resolution timelines.

Business Continuity and Disaster Recovery Plan Template

Business continuity plan example for software company

In the landscape of software development, a well-structured Business Continuity Plan (BCP) is vital. This example illustrates a BCP for a software company, focusing on a different kind of disruption: a critical data breach.

Scope and objectives:

This BCP is designed to ensure the continuity of software development and client data security in the event of a significant data breach. Such a breach could be due to cyberattacks, internal security lapses, or third-party service vulnerabilities. The plan prioritizes the rapid response to secure data, assess the impact on software development projects and maintain client trust and communication.

Operation: Software Development and Data Security Operation Description: The software development team is responsible for creating and maintaining software products, which involves handling sensitive client data. In the realm of software development, where the creation and maintenance of products involve handling sensitive client data, prioritizing security is crucial. Strengthen your software development team’s capabilities by incorporating the best antivirus with VPN features, offering a robust defense to protect client information and maintain a secure operational environment. The integrity and security of this data are paramount.

Business Impact: Critical Impact Description: A data breach could compromise client data, leading to loss of trust, legal consequences and potential financial penalties. It could also disrupt ongoing development projects and delay product releases.

The IT security team should immediately isolate the breached systems to prevent further data loss, leveraging data loss prevention tools to further enhance protection. They should then work on identifying the breach’s source and extent to assess the effectiveness of their existing security controls validations and identify any gaps or weaknesses that need to be addressed

Simultaneously, the client relations team should inform affected clients about the breach and the steps being taken. The company should also engage a third-party cybersecurity or pentest firm for an independent investigation and recovery assistance.

Remember, to ensure the IT security team is equipped to handle such situations effectively, it’s imperative to invest in their training. Resources like CCNA Certification Dumps provide valuable training materials to enhance the team’s knowledge in cybersecurity protocols and practices.

Representative: Sarah Lopez Role: Head of IT Security Contact Details: [email protected] Description of Responsibilities:

Lead the initial response to the data breach, including system isolation and assessment.
Coordinate with external cybersecurity experts for breach analysis and mitigation.
Work with the legal team to understand and comply with data breach notification laws.
Communicate with the software development team leaders about the impact on ongoing projects.

Related: 7 Best Business Plan Software for 2023

Business continuity plan example for manufacturing

In the manufacturing sector, disruptions can significantly impact production lines, supply chains, and customer commitments. This example of a Business Continuity Plan (BCP) for a manufacturing company addresses a specific scenario: a major supply chain disruption.

This BCP is formulated to ensure the continuity of manufacturing operations in the event of a significant supply chain disruption. Such disruptions could be caused by geopolitical events, natural disasters affecting key suppliers or transportation network failures. The plan focuses on maintaining production capabilities and fulfilling customer orders by managing and mitigating supply chain risks.

Operation: Production Line Operation Description: The production line is dependent on a steady supply of raw materials and components from various suppliers to manufacture products. Business Impact: High Impact Description: A disruption in the supply chain can lead to a halt in production, resulting in delayed order fulfillment, loss of revenue and potential damage to customer relationships.

The company should establish relationships with alternative suppliers to ensure a diversified supply chain. In the event of a disruption, the procurement team should be able to quickly switch to these alternative sources. Additionally, maintaining a strategic reserve of critical materials can buffer short-term disruptions. The logistics team should also develop flexible transportation plans to adapt to changing scenarios.

Representative: Michael Johnson Role: Head of Supply Chain Management Contact Details: [email protected] Description of Responsibilities:

Monitor global supply chain trends and identify potential risks.
Develop and maintain relationships with alternative suppliers.
Coordinate with logistics to ensure flexible transportation solutions.
Communicate with production managers about supply chain status and potential impacts on production schedules.

Related: 15+ Business Plan Templates for Strategic Planning

BCPs are essential for ensuring that a business can continue operating during crises. Here’s a summary of the different types of business continuity plans that are common:

Operational : Involves ensuring that critical systems and processes continue functioning without disruption. It’s vital to have a plan to minimize revenue loss in case of disruptions.
Technological : For businesses heavily reliant on technology, this type of continuity plan focuses on maintaining and securing internal systems, like having offline storage for important documents.
Economic continuity : This type ensures that the business remains profitable during disruptions. It involves future-proofing the organization against scenarios that could negatively impact the bottom line.
Workforce continuity : Focuses on maintaining adequate and appropriate staffing levels, especially during crises, ensuring that the workforce is capable of handling incoming work.
Safety : Beyond staffing, safety continuity involves creating a comfortable and secure work environment where employees feel supported, especially during crises.
Environmental : It addresses the ability of the team to operate effectively and safely in their physical work environment, considering threats to physical office spaces and planning accordingly.
Security : Means prioritizing the safety and security of employees and business assets, planning for potential security breaches and safeguarding important business information.
Reputation : Focuses on maintaining customer satisfaction and a good reputation, monitoring conversations about the brand and having action plans for reputation management .

As I have explained so far, a Business Continuity Plan (BCP) is invaluable. Writing an effective BCP involves a series of strategic steps, each crucial to ensuring that your business can withstand and recover from unexpected events. Here’s a guide on how to craft a robust business continuity plan:

1. Choose your business continuity team

Assemble a dedicated team responsible for the development and implementation of the BCP. The team should include members from various departments with a deep understanding of the business operations.

2. Outline your plan objectives

Clearly articulate what the plan aims to achieve. Objectives may include minimizing financial loss, ensuring the safety of employees, maintaining critical business operations, and protecting the company’s reputation.

3. Meet with key players in your departments

Engage with department heads and key personnel to gain insights into the specific needs and processes of each department. This helps in identifying critical functions and resources.

4. Identify critical functions and types of threats

Determine which functions are vital to the business’s survival and identify potential threats that could impact these areas.

5. Carry on risk assessments across different areas

Evaluate the likelihood and impact of identified threats on each critical function. This assessment helps in prioritizing the risks and planning accordingly.

6. Conduct a business impact analysis (BIA)

Perform a BIA to understand the potential consequences of disruption to critical business functions. It has to be done in determining the maximum acceptable downtime and the resources needed for business continuity.

7. Start drafting the plan

Compile the information gathered into a structured document. The plan should include emergency contact information, recovery strategies and detailed action steps for different scenarios.

8. Test the plan for any gaps

Conduct simulations or tabletop exercises to test the plan’s effectiveness. This testing can reveal unforeseen gaps or weaknesses in the plan.

9. Review & revise your plan

Use the insights gained from testing to refine and update the plan. Continual revision ensures the plan remains relevant and effective in the face of changing business conditions and emerging threats.

Read Also: How to Write a Business Plan Outline [Examples + Templates]

A Business Continuity Plan (BCP) should ideally be reviewed and updated at least annually.

The annual review ensures that the plan remains relevant and effective in the face of new challenges and changes within the business, such as shifts in business strategy, introduction of new technology or changes in operational processes.

Additionally, it’s crucial to reassess the BCP following any significant business changes, such as mergers, acquisitions or entry into new markets, as well as after the occurrence of any major incident that tested the plan’s effectiveness.

However, in rapidly changing industries or in businesses that face a high degree of uncertainty or frequent changes, more frequent reviews – such as bi-annually or quarterly – may be necessary.

A Business Continuity Plan (BCP) and a Disaster Recovery Plan (DRP) are two crucial components of organizational preparedness, yet they serve different functions. The BCP is aimed at preventing interruptions to business operations and maintaining regular activities.

It focuses on aspects such as the location of operations during a crisis (like a temporary office or remote work), how staff will communicate and which functions are prioritized. In essence, a BCP details how a business can continue operating during and after a disruption.

On the other hand, a DRP is more specific to restoring data access and IT infrastructure after a disaster. It describes the steps that employees must follow during and after a disaster to ensure minimal function necessary for the organization to continue.

Essentially, while a BCP is about maintaining operations, a DRP is about restoring critical functions, particularly IT-related, after a disruption has occurred

It’s clear that having a robust and adaptable business continuity plan (BCP) is not just a strategic advantage but a fundamental necessity for businesses of all sizes and sectors.

From small businesses to large corporations, the principles of effective business continuity planning remain consistent: identify potential threats, assess the impact on critical functions, and develop a comprehensive strategy to maintain operations during and after a disruption.

The process of writing a BCP, as detailed in this article, underscores the importance of a thorough and thoughtful approach. It’s about more than just drafting a document; it’s about creating a living framework that evolves with your business and the changing landscape of risks.

To assist in this crucial task, you can use Venngage’s business plan maker & their business continuity plan templates . These tools streamline the process of creating a BCP, ensuring that it is not only comprehensive but also clear, accessible and easy to implement.

Discover popular designs

Infographic maker

Brochure maker

White paper online

Newsletter creator

Flyer maker

Timeline maker

Letterhead maker

Mind map maker

Ebook maker

Business Continuity Plan Template for Financial Services

What is a Business Continuity Plan for Financial Services?

A Business Continuity Plan (BCP) for Financial Services is a plan designed to ensure the continuity of critical financial operations and services. BCPs are designed to help banks, financial institutions, and other organizations in the financial services industry develop their business continuity plans and prepare for any disaster or disruption that could threaten their operations. The plan is designed to provide strategies for mitigating risks, developing business continuity plans, maintaining technology infrastructure, and ensuring regulatory compliance.

What's included in this Business Continuity Plan for Financial Services template?

3 focus areas
6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Business Continuity Plan for Financial Services template for?

This Business Continuity Plan for Financial Services template is designed for banks, financial institutions, and other organizations in the financial services industry who need a comprehensive plan for addressing potential risks and disruptions to their operations. The template outlines the steps needed to develop an effective BCP, including focus areas, objectives, targets, and projects.

1. Define clear examples of your focus areas

Focus areas are the major categories in which objectives and projects are organized. When creating a Business Continuity Plan, it is important to identify the focus areas that are most relevant to your organization’s operations. Examples of focus areas could include risk mitigation strategies, business continuity planning, technology infrastructure maintenance, and regulatory compliance.

2. Think about the objectives that could fall under that focus area

Objectives are the goals or outcomes that need to be achieved in order to complete a focus area. When creating a Business Continuity Plan, it is important to define the objectives that will help you achieve the desired outcome for each focus area. Examples of some objectives for the focus area of Ensure Business Continuity could be: Establish Risk Mitigation Strategies, and Develop Business Continuity Plan.

3. Set measurable targets (KPIs) to tackle the objective

KPIs, or key performance indicators, are metrics that are used to measure the success or progress of an objective. When creating a Business Continuity Plan, it is important to identify the KPIs that can be used to track the progress of each objective. An example of a KPI for the focus area of Ensure Business Continuity could be: Evaluate Risk Factors.

4. Implement related projects to achieve the KPIs

Projects are the actions that need to be completed in order to achieve the objectives. When creating a Business Continuity Plan, it is important to identify the projects that need to be completed in order to achieve the desired outcome. An example of a project related to Ensure Business Continuity could be: Identify and Assess Risk Factors.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade Strategy Execution Platform enables organizations to more effectively track and manage their business continuity plans. The tool provides users with an easy-to-use interface for setting objectives and targets, monitoring progress, and collaborating with team members. With Cascade, organizations can achieve faster results from their business continuity plans.

+1 (800) 826-0777
VIRTUAL TOUR
Mass Notification
Threat Intelligence
Employee Safety Monitoring
Travel Risk Management
Emergency Preparedness
Remote Workforce
Location and Asset Protection
Business Continuity
Why AlertMedia
Who We Serve
Customer Spotlights
Resource Library
Downloads & Guides

Employees sit around a conference table to develop a business continuity plan

BCP in Banking — 12 Steps to Disaster-Proof Operations

How will a disaster impact your business? What financial hit will your organization suffer? And how quickly can you recover? Take steps now with business continuity planning.

Blog-CTA-Sidebar-Graphic-BusinessContinuity-Checklist

4 Phases of Crisis Management
Build a BCP for Stability and Resilience
Improving Your Business Continuity Plan

Financial institutions, including banks, credit unions, accounting firms, and loan offices, are all vulnerable to security breaches, unforeseen emergencies, and operational disruptions. With millions—or potentially billions—of dollars at risk, there is a critical need for business continuity planning. Well-detailed and regularly tested BCP in banking can help you protect customers and employees while maintaining critical operations.

The Four Phases of Crisis Management for Banks

Business continuity planning, or BCP, in banking must address all the threats a financial institution faces. Severe weather events like hurricanes, tornadoes, blizzards, and wildfires can disrupt physical locations. Digital threats and cyberattacks put customer privacy and critical information systems at risk. Operational disruptions, economic downturns, regulatory changes, and the impacts of the pandemic further underscore the need for an effective business continuity plan for banks.

Crisis management follows four stages: mitigation, preparedness, response, and recovery.

Reduce the threats or impact of threats to your business.

Be prepared for the threats you can’t eliminate.

Put your plan into action when disaster strikes.

Recover from the disaster and return to business as usual.

A business continuity plan for financial institutions focuses on the risk mitigation and preparedness stages. You will review your exposures, threats, and risks as you learn how to prepare for them.

Download Our Business Continuity Checklist

Achieve stability and resilience with a bcp in banking.

The need for robust business continuity strategies has taken center stage in an era marked by anticipated and unforeseen disasters. But beyond the planning, everyone from frontline employees to senior management must be on board with the plan and understand their parts in supporting business continuity. These twelve steps to BCP in banking will help you prepare, beginning with a thorough evaluation of your risks and leading to training and implementation once a version of the plan is complete.

For a more comprehensive, guided business continuity checklist, download our resource here .

1. Complete a business impact analysis

How will a disaster impact your business? What financial hit will your organization suffer? And how long will business recovery take? The first step in BCP in banking is to address some critical questions with a business impact analysis. You’ll want to thoroughly understand what a disaster means in the context of operational resilience .

Here are some key actions of your business impact assessment:

Define critical business functions : This is important for prioritizing your financial institution’s resources and determining the costs associated with downtime. If your organization is open to the public (such as a bank), you’ll want to consider the impact on customers and proactive solutions for mitigation.
Calculate downtime costs : Depending on the specific nature of the emergency, operations could be halted for hours, days, or even weeks—like with catastrophic damage due to a major hurricane. It’s essential to evaluate a range of financial consequences.
Determine legal impact : With any disaster, there are inevitable regulatory considerations to address. Customer and data privacy will be a top concern for financial institutions’ business continuity. If you relocate any facilities, you’re required to notify the organization’s primary federal regulator.

You’ll also want to review each department’s vital needs for your business impact analysis . You might ask: Does my organization have the necessary specialized equipment/software? How will I notify my people if internet access is unavailable? And what communication system will I need to facilitate recovery?

2. Complete a risk assessment

One essential component of business continuity management is understanding the risks unique to your industry and specific to your organization. Threats can come in various forms: malicious activity targeting your employees and customers, a technical disruption, or a natural disaster beyond your control. Establishing a scale of anticipated threats helps evaluate the severity of the risk. A low-impact threat might be a temporary power outage, whereas an active shooter scenario or wildfire could have serious business repercussions.

The risk or threat assessment should consider the following:

Internal and external danger to personnel, facilities, and service providers
Business disruption due to natural, technical, and human threats
Vulnerability of critical processes and vital data/records
Probability of occurrence (use a rating system)
Impact of a scenario on your people, business, and customers

Effective business continuity plans should consider your facilities’ geographic locations. Close proximity to a flood plain or critical infrastructures (e.g., airports, highways, nuclear power plants) can affect your organization’s risks.

3. Inventory internal resources

Identify the resources you need to support operations during an emergency, including personnel, information technology and infrastructure, operational resources, and procedural resources.

Categorizing those items and alternative solutions will ensure you have the people, processes, and equipment needed to continue operations despite a disaster.

4. Create an emergency communications strategy

The first part of an emergency communications plan is detecting potential threats. Consider using a threat intelligence solution to stay on top of emerging critical events so you can prioritize time-sensitive notifications to employees and other stakeholders.

When your threat intelligence is integrated with your employee communication software , you can ensure safety, security, and business continuity. Look for a communication solution that meets the following criteria:

An intuitive interface: This feature will make it easier for anyone to send out critical information.
Two-way messaging: This lets your people reply with real-time status updates.
Wellness checks: You can conduct quick surveys of employees to check if they’re safe or need assistance.
Geofencing: This location-based feature allows you to group recipients based on who might be in close proximity to (or in the path of) a disaster
Always available: A disaster can occur any day, at any hour. Your communications software should always be prepared.

With the right supportive software, it’s easier to establish a strong employee communications plan to keep your workers up to date and on task, even during disaster response and recovery.

5. Develop your backup plan

In financial services, the recovery point objective–the point, as measured in time, where data loss exceeds what is acceptable–is very short. Your core data underpins dozens of processes and tasks, particularly in today’s real-time tracking environment where using even slightly outdated data is impractical.

A diagram of recovery point objective and recovery time objective on a timeline

In the case of banks and financial institutions, data backup should occur at frequent intervals, ideally every few minutes. Automated tools support this seamless process without disrupting business operations. Employing both incremental backups—which capture only newly created or changed data every few minutes—and full backups every few hours helps eliminate the risk of data loss.

Finally, evaluate your offsite data storage. If a natural disaster takes out your building, you’ll be glad to have a backup server system at an alternate site in an unaffected location. Also, establish a backup power source and arrangements for recovery teams in case of situations where primary work locations are inaccessible.

6. Document the business continuity strategy

In this step of the BCP process, you’ll produce a written business continuity plan to disseminate across your organization. Based on the insights you’ve gained from your business impact and risk assessments, you should have a wealth of information to consolidate into a single document.

Within your disaster recovery plan , clearly define roles and responsibilities and contact information for key stakeholders/emergency team members. This action will ensure you’re ready to notify your people, especially if you have an intuitive employee notification system in place.

Preparing for worst-case scenarios is also a best practice that will help your business weather even unforeseen disasters. You should also have contingency plans in place for common problems:

Key personnel are not available
Facilities are inaccessible
Equipment malfunctions
Software is corrupted
Service providers are unavailable
Utilities (power/communications) are down
Critical documentation is not available

A note of caution: If your business has more than one location, you’ll need to prepare for potential damage/disruption to multiple facilities.

The more you can plan for, the better you’ll be able to weather various disasters and maintain business continuity.

7. Share the plan

You don’t need to flood employees with information about your disaster response plan. Giving them too many details can overwhelm them. It can also make retention challenging, and they may not be prepared during an emotionally charged disaster. Focus on

Communication: First and foremost, make sure employees know how to receive emergency messages and how to respond.
Safety protocols: Clearly establish evacuation routes, fire drill procedures , and assembly points to get people to safety.
Leadership: Employees should know who to go to in an emergency, whether that’s a team leader, supervisor, or designated safety captain.
Critical tasks: Finally, notify anyone responsible for critical tasks during a crisis, making sure their roles are clear. Be sure to also notify people who are designated as backups in case the primary team members are unavailable.

Keeping it simple will allow your employees to retain this information during a disaster. Of course, all members of your safety team should have complete copies of the plan and should also participate in the next stage.

8. Complete informal testing

Test your business continuity plan at least once a year to ensure it covers all the bases and contingencies to avoid operational disruptions. But it’s a good idea to test segments of your plan more often with informal drills and tabletop exercises . You can conduct these exercises in a conference room or other low-stakes environment to have key parties “walk through” scenarios and test response plans. These exercises also serve as training to enhance preparedness.

The informal approach lets you test various disaster response plans without the disruption of a full-scale drill. Tabletop exercises are also a good opportunity to inject unexpected scenarios, so your team and your plan can adapt. Consider your geographic area and any risks related to your industry, and prioritize testing the disaster plans most likely to occur.

9. Conduct formal testing and drills

An emergency drill tests your business continuity plan in a realistic environment. Conducting one of these at least annually and involving all critical stakeholders will help you prepare for the unexpected and protect your business and staff.

The steps for running a full-scale drill are similar to those of a tabletop exercise, though they are more involved because you are conducting an actual simulation. A drill typically includes the following components:

You will set goals to determine if your business continuity plan is successful. Some examples of goals might be achieving a 24-hour timeframe for resuming critical operations or maintaining customer satisfaction levels during a business disruption.

Participants

Every full-scale drill requires the involvement of all key stakeholders. These individuals will fit into one of four categories: facilitator, evaluator, observer, and participants.

The facilitator lays out the scenario and walks the parties through it. They go over the recovery time objectives and other goals and ask questions to keep things moving.

An evaluator monitors the drill’s progress and makes notes about both strengths and weaknesses in the response.

Observers don’t directly participate in the event, but they may have dependencies with other directly involved departments. Common examples include HR or IT.

Most of your staff will fall into this category as they carry out tasks to support business resilience during a disaster.

A realistic scenario starts the activity. The facilitator will introduce the scenario to the group, including details such as the type of disaster, its location, the extent of its impact, and the specific challenges it poses. It is designed to immerse participants in a lifelike situation, prompting them to respond as they would in a genuine disaster.

An informal debrief or hot wash may occur following the disaster drill to capture immediate impressions and insights. All of this information will be documented for the next part of your continuity planning strategy: the after-action review.

10. Complete an after-action review

An after-action review will allow all the stakeholders involved in your drill to share their impressions and gain feedback. This process is designed to answer four key questions:

What were our goals?
What were our results?
What did we do well?
What could we do better?

You should involve all key stakeholders in this review and encourage frank, open discussion about how the drill unfolded. It may be helpful to anonymize feedback opportunities, like through anonymous surveys, to make individuals more comfortable with sharing.

You can also use data from incident tracking software, communication logs, and participant feedback surveys to comprehensively understand the drill’s strengths and areas needing improvement. You can compile this information into an after-action report that you will use to document your findings and fix vulnerabilities.

11. Fix vulnerabilities

Once you complete your after-action review and report, decide how to act on any vulnerabilities in your BCP, prioritizing them based on their severity and potential impact. Then, you will develop strategies for mitigation. These strategies may include updating or revising plan elements, investing in technology or infrastructure improvements, enhancing staff training, or refining a crisis management plan .

This is an ongoing, continuous process. The threats to your business will change, and you’ll need to regularly assess their impact, kicking off the business continuity planning process all over again.

12. Share your results

Finally, share your results and celebrate your wins with your team. Much like sharing the plan, you don’t have to give them all the details. Hit the high points and discuss areas of concern.

You will also want to have internal reviews with key parties to provide an opportunity for feedback, learning, and continuous improvement. This collaborative approach fosters a culture of resilience. Everyone understands their role and actively safeguards the business during challenging times.

Financial firms face unique challenges when it comes to business continuity and disaster recovery . BCP in banking is your method of managing security threats, compliance requirements, and potentially catastrophic economic loss. Of course, maintaining business continuity isn’t just about recovering technology and assets. Above all, it’s about keeping your people safe, informed, and connected.

Business Continuity Checklist

Please complete the form below to receive this resource.

Check Your Inbox!

The document you requested has been sent to your provided email address.

Cookies are required to play this video.

Click the blue shield icon on the bottom left of your screen to edit your cookie preferences.

Free Business Continuity Plan Templates

By Andy Marker | October 23, 2018

Share on Facebook
Share on LinkedIn

Link copied

In this article, you’ll find the most useful free, downloadable business continuity plan (BCP) templates, in Microsoft Word, PowerPoint, and PDF formats. Customize the templates to fit the needs of your business, ensuring you maintain critical operations at all times.

Included on this page, you’ll find a business continuity plan template , a small business continuity plan template , a business continuity framework template , and more.

Business Continuity Plan Template

Download Business Continuity Plan Template

Word | PowerPoint | PDF | Smartsheet

Use this template to document and track your business operations in the event of a disruption or disaster to maintain critical processes. With space to record business function recovery priorities, recovery plans, and alternate site locations, this template allows you to plan efficiently for disruption and minimize downtime, so your business maintains optimal efficiency. This template is available for download in Microsoft Word, PowerPoint, and PDF formats.

Additionally, you can learn the definition of a business continuity plan, the steps involved in business continuity planning, as well as about the business continuity lifecycle in our article about business continuity planning .

See how Smartsheet can help you be more effective

Watch the demo to see how you can more effectively manage your team, projects, and processes with real-time work management in Smartsheet.

Watch a free demo

IT Service Continuity Plan Template

Download IT Service Continuity Plan Template

This template is geared specifically to IT business operations and aims to maintain IT processes despite any possible harmful disruption. Use this template to document recovery objectives, teams, and strategies in order to accurately capture all facets of the continuity plan needed for an IT team. This template is available in both Word and PDF formats.

Business Continuity Framework Template

Download Business Continuity Framework Template

Word | PowerPoint | PDF

This template outlines the structure involved in creating a business continuity plan. It provides an easy, comprehensive way to detail the steps that will comprise your unique BCP. Use this template to plan each phase of a typical BCP, including the business impact analysis, recovery strategies, and plan development. This template can serve as an overall framework for your larger BCP plan.

Business Continuity Program Template

Download Business Continuity Program Template

Similar to the business continuity plan template, this template documents the steps involved in maintaining normal business operations during an unplanned disruption or disaster. Using this template, you can plan out the critical elements needed to continue business as usual, including recovery priorities, backup and restoration plans, and alternate site locations. This template is available for download in both Microsoft Word and PDF formats.

Business Continuity Procedure Template

Download Business Continuity Procedure Template

Much like the business continuity framework template, this template helps users create a thorough, streamlined BCP by detailing the procedure involved in creating and maintaining a plan, as well as implementing one. Use this template to document everything from a business impact analysis to plan development, plan testing, and exercises. Download this template in Microsoft Word, PowerPoint, or PDF to get started.

Business Continuity Plan Template for Nonprofits

Download Business Continuity Plan Template for Nonprofits

In the event of a disruption in business that affects your nonprofit organization, use this template to document a business recovery strategy, identify alternate business locations, and effectively plan for inevitable business downtime. This template is available for download in Microsoft Word and PDF formats.

School Business Continuity Plan Template

Download School Business Continuity Plan Template

Plan for disruptions in regular school activities and operations in the event of emergency or crisis with this helpful template. This template, designed with schools, colleges, and universities in mind, allows you to prioritize operations and responses, identify important phases of recovery, design a restoration plan, and more.

Small Business Continuity Plan Template

Download Small Business Continuity Plan Template

Record your business recovery priorities, identify alternate site locations to conduct business, create recovery teams, and assign recovery responsibilities to specific team members with this continuity plan for small businesses. Ensure that you are able to maintain critical processes and minimize downtime so your business can keep moving forward.

SaaS Business Continuity Plan Template

Download SaaS Business Continuity Plan Template

Use this business continuity plan template to keep your SaaS business productive and efficient, despite any unforeseen events or disruptions. With space to record everything from recovery procedures and strategies to relocation strategies and alternate site locations, you’ll be able to keep business moving and remain productive during a crisis or disruption.

Business Continuity Plan Template for Medical Practices

Download Business Continuity Plan Template for Medical Practices

Identify risk strategies for specific areas of business, like clinical, finance and operations, and IT, designate specific recovery strategies, and prioritize the most important, mission-critical operations for your medical practice with this complete business continuity plan template.

Business Continuity Plan Template for Healthcare Organizations

Download Business Continuity Plan Template for Healthcare Organizations

Some businesses, like healthcare organizations, rely on critical processes and procedures to maintain productivity and keep both patients and staff safe. To ensure these processes are followed — even during a business disruption — use this business continuity plan template to identify all potential risks, create mitigation plans, and assign tasks to key team members.

Activities to Complete Before Writing the Business Continuity Plan

Certain steps can help you prepare to write a business continuity plan. See our article on how to write a business continuity plan to learn more.

Common Structure of a Business Continuity Plan

Every business continuity plan should include certain common elements. See our article on how to write a business continuity plan to learn more.

Tips For Writing Your Business Continuity Plan

Business continuity experts have gathered time-tested tips for business continuity planning. See our article on how to write a business continuity plan to learn more.

Make Better Decisions, Faster with Smartsheet Dashboards

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change.

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed.

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time. Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

Visit the Health Advisories website for the latest vaccination and mask information and to Report a Case.

Questions about FAFSA and CADAA?

Visit our Financial Aid and Scholarship Office for updated information, workshops and FAQs.

Administration and Finance Division

Business Continuity Plan

Components of sjsu business continuity planning (bcp).

Resource	Description
	Explains the Business Continuity Planning effort at SJSU.
	Describes the purpose (charter) and membership.
	Describes how SJSU is approaching business continuity planning.
	The university Business Continuity Plan describes the processes and procedures needed to support continuation of essential functions identified in the University Business Impact Analysis Matrix.

For more information, contact Ninh Phamhi , SJSU Business Continuity Coordinator, at [email protected] .

For information related to Emergency Preparedness & Crisis Management, visit Emergency Preparedness and Crime Prevention .

IMAGES

7 Free Business Continuity Plan Templates
Business Continuity Plan Example
How to create an effective business continuity plan?
Business continuity for Finance & Accounts Department
Template Design: Simple Business Continuity Plan Template in Simple
Building a Business Continuity Plan (BCP)

VIDEO

Business Continuity Plan
Business Continuity Plan
Business Continuity Plan Part IV
Business Continuity Planning BCP
BUSINESS CONTINUITY PLAN
NIS2 Business Continuity Plan

COMMENTS

The Role of Finance in Business Continuity
The Role of Finance in Business Continuity. COVID-19 has shifted the role of the internal finance function. From "work from home" mandates and furloughs to downsizing and outright business closures, every department found themselves forced into change. Finance departments have been particularly impacted due to the crucial role they play ...
Business Continuity and Financing
Business Continuity and Financing Resetting your business foundations to build a successful future Smart businesses need a strong foundation: a compelling strategy, robust forecasting, clear communication with key stakeholders, a decisive plan of action and to know that, whatever happens, cash is king.
Business Continuity Planning (BCP)
FINRA requires firms to create and maintain written business continuity plans (BCPs) relating to an emergency or significant business disruption. Rule 4370—FINRA's emergency preparedness rule — spells out the required BCP procedures. A firm's BCP must be appropriate to the scale and scope of its business. BCP procedures must be reasonably designed so the firm can meet its existing ...
PDF Business Continuity for Finance and Accounting Department
Step to Deploy Business Continuity Plan. Business continuity plan must be documented and accessible to all the concerned parties. Deployment and implementation of the plan should be assigned as a duty for a team. A common practice to choose Business Continuity and Disaster Recovery (BR&DR) team for Finance and Accounts department requires at ...
What Is a Business Continuity Plan (BCP), and How Does It Work?
Business Continuity Planning - BCP: The business continuity planning (BCP) is the creation of a strategy through the recognition of threats and risks facing a company, with an eye to ensure that ...
How to Write a Business Continuity Plan
Here is an example of a BCP format: Business Name: Record the business name, which usually appears on the title page. Date: The day the BCP is completed and signed off. Purpose and Scope: This section describes the reason for and span of the plan. Business Impact Analysis: Add the results of the BIA to your plan.
What Is A Business Continuity Plan? [+ Template & Examples]
1. Operational. Operational continuity means that the systems and processes your business relies on are able to continue functioning without disruption. As these processes are critical to business operations, it's important to have a plan in place in case disruption occurs so you can minimize the loss of revenue. 2.
PDF The Definitive Guide to Business Continuity Planning
Welcome to the Definitive Guide to Business Continuity Planning—the. indispensable resource for developing your business continuity plan. This handbook can be used to guide you in developing a BC plan from start to finish, or as a tool to test and improve your existing plan, or for anything in between.
Business continuity plan (BCP) in 8 steps, with templates
Step 1: Establish an emergency preparedness team. Assign a team the responsibility for emergency preparedness. Select a few managers or an existing committee to take charge of the project. It's advisable to assign one person to lead the planning process.
How And Why To Create A Business Continuity Plan
Business continuity planning is a process whereby leaders develop systems to prevent and recover from threats that exist. In other words, this is risk management in the middle of a changing and ...
Business Continuity Planning: Why You Need It and Why It Is So Important
Depending on the organization's culture, the department your business continuity plan falls under varies. IT is usually one of the most vital components of any business strategy plan, in which case it could belong under the IT department. Or, if financial impacts are your organization's main concern, the finance department may need to run ...
PDF Business Continuity Planning Booklet
business continuity planning department with a team of departmental liaisons throughout the enterprise. A smaller, less complex institution may only need an individual business ... A financial institution's business continuity planning process should reflect the following objectives: Business continuity planning is about maintaining, resuming, and
PDF Finance Department Business Continuity Plan
Finance Department Business Continuity Plan. January 2018VersionActivities ReviewThe nominated manager must complete an ' Activities Review' to identify t. e activities within the Department/Station. These activities will be risk assessed, against our Business Continuity element of the Service's Risk Matrix, taking only the impact.
Business Continuity Planning (BCP)
Business Continuity Planning refers to the process of creating and implementing strategies and measures that ensure an organization can continue its essential operations and deliver critical services in the event of a disruptive incident. BCP aims to minimize the impact of potential threats, such as natural disasters, cyberattacks, or ...
Business Continuity Plan: Example and Tips
Step 1: Determine the risk profile through a self-assessment using the 4Ps framework—People, Processes, Profits, and Partnerships. Step 2: Identify key products, services, or functions. Step 3: Establish the business continuity plan objectives. Step 4: Evaluate the potential impact of disruptions to the business and its workers.
7 Business Continuity Plan Examples
6. Conduct a business impact analysis (BIA) Perform a BIA to understand the potential consequences of disruption to critical business functions. It has to be done in determining the maximum acceptable downtime and the resources needed for business continuity. 7. Start drafting the plan.
Business Continuity Plan Template for Financial Technology Companies
A business continuity plan is a set of strategies and processes designed to help financial technology (FinTech) companies respond to and recover from disruptions and disasters. This plan outlines the steps required to minimize the impact of such events to ensure the long-term health of the company. The plan should define procedures to maintain ...
Business Continuity Plan Template for Financial Services
This Business Continuity Plan for Financial Services template is designed for banks, financial institutions, and other organizations in the financial services industry who need a comprehensive plan for addressing potential risks and disruptions to their operations. The template outlines the steps needed to develop an effective BCP, including ...
BCP in Banking
Also, establish a backup power source and arrangements for recovery teams in case of situations where primary work locations are inaccessible. 6. Document the business continuity strategy. In this step of the BCP process, you'll produce a written business continuity plan to disseminate across your organization.
Business continuity planning
Business continuity planning life cycle. Business continuity may be defined as "the capability of an organization to continue the delivery of products or services at pre-defined acceptable levels following a disruptive incident", and business continuity planning (or business continuity and resiliency planning) is the process of creating systems of prevention and recovery to deal with potential ...
Free Business Continuity Plan Templates
Download Business Continuity Framework Template. Word | PowerPoint | PDF. This template outlines the structure involved in creating a business continuity plan. It provides an easy, comprehensive way to detail the steps that will comprise your unique BCP. Use this template to plan each phase of a typical BCP, including the business impact ...
Business Continuity Planning for Financial Advisors
In 2016, the Securities and Exchange Commission (SEC) proposed a rule that would require registered investment advisors (RIAs) to develop and maintain business continuity plans. While the SEC encourages advisors to have a BCP in place, the rule was never formally adopted or finalized.
Business Continuity Plan
The university Business Continuity Plan describes the processes and procedures needed to support continuation of essential functions identified in the University Business Impact Analysis Matrix. ... Administration and Finance Division. Contact Us. Phone: 408-924-1500 Email: [email protected]. Visit Office. One Washington Square San Jose ...
Business continuity for internal auditors
Business continuity issues for banks can manifest in various forms, often with significant impacts on operations and customer trust. For instance, the devastating impact of Hurricane Sandy in October 2012 forced banks like Goldman Sachs and Morgan Stanley to activate their business continuity plans, including relocating critical staff and operations to backup sites due to power outages and ...
Services
With leading business knowledge and industry experience, our variety of services help your business make an impact. Audit & Assurance. Audit; Assurance; Consulting. Strategy, Analytics & M&A ... each year, has enabled the opinions of more than 600 of the region's Chief Financial Officers to be heard. Our survey aims to provide insight into ...